The post Bitcoin Price Up 8% Today, China Retaliates To Trump’s Tariffs Ahead of US NFP Release appeared on BitcoinEthereumNews.com.

Bitcoin price is rising today even after China vowed to retaliate against Donald Trump’s trade war. It rose 8% and moved back above the crucial resistance at $90,000. BTC price will continue to react to the latest trade news and the upcoming US nonfarm payrolls (NFP) data. Bitcoin Price Rises After China Vows to Retaliate on US Tariffs BTC and other risky assets jumped on Wednesday, even after China vowed to retaliate against Donald Trump’s tariffs. The retaliation came after Trump boosted his China tariffs from 10% to 20%, a move that will affect trade volume worth billions of dollars.  China has already announced some retaliatory measures. It will levy up to 15% on some US goods on top of the other tariffs it announced last month. Some of these tariffs target sensitive areas of the American economy like agriculture. Also, the government added more American companies to its unreliable entity list and vowed to appeal at the World Trade Organization.  Therefore, Bitcoin price and stocks jumped because the Trump administration appeared to soften its stand on tariffs. Howard Lutnick, the Commerce Secretary, said that the US will be willing to negotiate with the affected countries. Traders also believe that Trump simply wants concessions from its top trading partners.  US Nonfarm Payroll Data Ahead Bitcoin price is also rising ahead of the upcoming US nonfarm payrolls (NFP) data on Friday. Analysts anticipate that the labor market softened in February because of Elon Musk’s DOGE job cuts. An ADP report showed that the private payrolls crashed to 77k in February from 186k a month earlier. Weak jobs numbers would be bullish for BTC price because they would boost the odds of Federal Reserve interest rate cuts. Indeed, US bond yields have crashed, raising odds of more rate cuts.  The NFP report…

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Filed under: News - @ March 5, 2025 10:23 pm