Investing.com-- Bitcoin rebounded on Friday, recovering some ground after getting battered by an escalating trade war stemming from U.S. President Donald Trump’s tariff decisions, while investors were also cautious ahead of the Federal Reserve meeting due next week.
The world’s largest cryptocurrency added 4.6% to $84,519 by 2:04 p.m. ET (18:04 GMT)
Trump tariff decisions spark risk-off mood, Fed meeting awaited
A broader risk-off sentiment prevailed following President Donald Trump’s recent threat to impose a 200% tariff on European alcohol imports.
This move was a retaliation against the European Union’s planned levies on American whiskey.
Trump is further expected to impose worldwide reciprocal tariffs on April 2.
Developments around this escalating trade war have intensified fears of a potential U.S. recession, leading investors to retreat from speculative assets like cryptocurrencies.
This shift has prompted investors to move towards safer assets. Notably, gold prices surged to record highs on Friday, underscoring a broader risk-off sentiment among investors.
Adding to the cautious market environment, investors are closely monitoring the upcoming Federal Reserve meeting scheduled for March 18-19.
The Fed is widely expected to maintain its current interest rate policy, adopting a wait-and-see approach amid the prevailing economic uncertainties.
The central bank’s stance is influenced by concerns that ongoing trade disputes could exacerbate inflationary pressures, further complicating the economic outlook.
Russia uses crypto in oil trade to evade sanctions – Reuters
Russia is increasingly using cryptocurrencies in oil transactions with China and India to bypass Western sanctions, Reuters reported on Friday citing sources familiar with the matter.
Russian oil firms are reportedly utilizing Bitcoin, Ethereum, and Tether (USDT) to convert yuan and rupees into roubles, easing payment flows. While traditional currencies still dominate trade, crypto transactions have grown to tens of millions of dollars per month, the report said.
The use of digital assets is expected to continue in Russia’s oil trade due to its efficiency and speed, the report noted. However, a Kremlin adviser emphasized that cryptocurrencies are just one of several methods being used to navigate payment restrictions.
Trump-backed World Liberty Financial raises $590mn in token sale
World Liberty Financial (WLFI), a cryptocurrency project backed by Donald Trump, has concluded its token sale, raising approximately $590 million, ranking it among the top-10 token raises, based on data from ICODrops.
WLFI co-founder Zak Folkman attributed the sale’s success to Tron’s Justin Sun, who played a key role in boosting momentum.
Initially, the project faced skepticism, with critics pointing to a slow start. However, this changed after Sun invested $30 million in November 2024, followed by additional investments.
Crypto price today: most altcoins rise
Most altcoins inched climbed on Friday but shrugging off economic uncertainties.
World no.2 crypto Ethereum rose 5% to $1,941.50 on Friday but was set for a weekly slump of nearly 13%.
World no. 3 crypto XRP gained 4% to $2.35, but was also on track for a weekly decline.
Solana gained over 8%, while Cardano 4.7% and Polygon added 4.3%.
Among meme tokens, Dogecoin gained 4%, while $TRUMP jumped more than 13%.