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Cryptocurrencies Fall Amid Trade War Fears
Bitcoin, the leading cryptocurrency, fell 3.81% to $83,943.30 during Friday trading, following US inflation data that heightened concerns of an economic recession amid the trade war.
This followed a collective decline in major Wall Street indices as US inflation fears deepened following the PCE price data.
Ether fell 6.19% to $1,884.42.
This decline was driven by correction activity and profit-taking, as well as a jump in the yield on 10-year US Treasury bonds, which dampened risk appetite in the markets.
Despite this decline, prices of the world's largest digital currency remained supported by the announcement of a new round of Bitcoin purchases by major global companies, reflecting the continued growing institutional interest in the crypto industry.
Contributing to the rise in cryptocurrencies were indications that the Trump administration would impose less stringent tariffs on April 2.
Despite this decline, Bitcoin traders are reacting positively to the Fed's policy shift, with analysts optimistic about the currency's potential gains. Technical analysis also supports the cryptocurrency's bullish outlook.
