Tariff Uncertainty Drives Bitcoin Traders to Seek Protection
- Bitcoin’s price fell to a low of $64,481 before recovering to over $66,000 amid tariff-related news.
- Put options at strike prices of $58,000, $60,000, and $62,000 saw significant increases in open interest on Deribit.
- Ether also recovered from lows near $1,856 despite increased sales activity from Ethereum co-founder Vitalik Buterin.
- Goldman Sachs raised its fourth-quarter Brent crude oil forecast to $60 per barrel due to lower-than-expected OECD stockpiles.
- BTC funding rate on Binance is currently at -0.0047%, indicating bearish sentiment among traders.
The recent ruling against President Trump’s emergency tariffs has reignited trade-related uncertainty that affects risk assets like bitcoin. As traders prepare for potential declines, the increase in put option interest signals a defensive market stance amid these macroeconomic challenges.
Currently priced at approximately $66,466, bitcoin has seen a decline of about -2.67% over the last day as traders react to ongoing economic pressures and tariff developments.(Source)
