The price of Bitcoin today: falling to $106k amid uncertainty in trading and US tax legislation.

Bitcoin fell on Tuesday, continuing its overnight decline as risk appetite was dampened by rising uncertainty regarding U.S. trade tariffs and the impact of a sweeping tax and spending cut bill backed by President Donald Trump.

The largest cryptocurrency in the world also experienced profit-taking after significantly outpacing the broader crypto market in June. Bitcoin fell by 1.5% to $106,811.6

Bitcoin has received almost no support from major corporate holders Strategy, formerly known as MicroStrategy (NASDAQ:MSTR), and Metaplanet Inc (TYO:3350), who announced new cryptocurrency acquisitions this week. Strategy purchased cryptocurrency worth over $500 million, while Metaplanet added bitcoins worth $108 million.

Cryptocurrency markets have significantly lagged behind other risk markets, especially equities, as the rise in tech stocks has led Wall Street to reach record highs in recent sessions.

The focus is on Trump's trade tariffs and the adoption of the tax bill.
Markets faced two main points of uncertainty – Trump's plans for trade tariffs ahead of the July 9 deadline for agreements and the passage of a controversial tax and spending cut bill in the Senate.

In the trade sector, there was an expectation for the resumption of negotiations between the US and Canada after Ottawa seemingly conceded to Trump by abolishing a major tax on digital sales for American companies.

But relations with Japan appear to be strained after Trump criticized the country for allegedly not purchasing American rice. Trump also threatened to halt trade negotiations with Tokyo.

Major world economies have until July 9 to reach a trade agreement with the US, otherwise they will face high American tariffs ranging from 20% to 50%.