The BTC price is up today, rising above the psychological $66,000 level today. This comes amid U.S. Trade Representative Jamieson Greer’s statement that the U.S. won’t hike tariffs, a move that calms fears over another trade escalation between the two largest economies.
BTC Price Climbs Above $66,000
TradingView data shows that Bitcoin is trading above $66,000 today, up almost 4% on the day. The leading crypto had dropped below $65,000 yesterday after Trump failed to mention crypto in his State of the Union address.
However, the BTC price is back up amid Greer’s FOX Business interview today, in which he revealed that the U.S. plans to keep tariffs on Chinese goods at 35% to 50%. “We don’t intend to escalate beyond that. We intend to really stick to the deal that we had before,” he said.
This allays fears over another trade war between the U.S. and China following the Supreme Court’s ruling against the Trump tariffs under the IEEPA. China had earlier warned the U.S. that it would respond if the ongoing trade probe led to new tariffs. This development also comes ahead of Trump’s meeting with China’s President Xi Jinping next month, where they are likely to consider extending the ongoing trade truce.
It is worth noting that the trade war between the U.S. and China last year, following Trump’s announcement of the reciprocal tariffs, had a negative impact on the BTC price. The infamous October 10 crypto crash also occurred on the back of Trump’s threat to impose a 100% tariff on China.
Focus On Nvidia’s Earnings Today
The market’s focus is on Nvidia’s Q4 earnings today, which could also impact the BTC price and the broader crypto market. Investors typically look to the company’s performance for guidance on the state of the AI boom, and this latest earnings report comes amid concerns about a potential AI bubble.
Crypto traders are currently betting that Nvidia will bear earnings, which could provide further relief for the global markets, as markets have recently cooled off. Polymarket data shows a 95% chance that the world’s most valuable company will beat quarterly earnings.
Meanwhile, despite the recent rebound in the BTC price, it is worth noting that market experts are still wary of further Bitcoin decline. Crypto research firm 10x Research recently warned about a potential break below $60,000 in the coming days.
Furthermore, the on-chain analytics platform CryptoQuant shows weakness in the Coinbase premium, suggesting that demand for BTC among U.S. investors remains low. At the same time, JPMorgan’s CEO, Jamie Dimon, is warning about risks in financial markets, mirroring the conditions before the 2008 financial crisis. Another crisis could significantly impact Bitcoin and the broader crypto market.
