CoinDesk Podcast Network COINDESK DAILY: China Tariffs Keep Bitcoin in Check
Feb 4, 2025
The latest news uncovers how China's tariffs against the U.S. are influencing Bitcoin's price volatility. As tensions rise, the potential involvement of a Sovereign Wealth Fund in crypto investments is analyzed. Insights from Commerce Secretary nominee Howard Lutnick shed light on the relationship between traditional finance and cryptocurrency. It's a fresh take on how geopolitics can sway the digital currency landscape!
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Bitcoin and Tariffs
- Bitcoin's price reacted to tariff news, rising with the delay of tariffs on Canada and Mexico.
- However, new tariffs on China and retaliatory tariffs against the U.S. checked Bitcoin's gains.
Sovereign Wealth Fund and Bitcoin
- President Trump signed an executive order for a sovereign wealth fund.
- This fund could potentially hold the government's Bitcoin holdings, although it wasn't explicitly mentioned.
Lutnick Softens on Tether
- Howard Lutnick, nominated for Commerce Secretary, softened his stance on Tether's backing.
- He admitted Cantor Fitzgerald isn't continuously auditing Tether's financials, revising his earlier certainty.