I just saw Bitcoin bouncing between 72K and 67K on Thursday. Apparently, the market is waiting for the latest news from Trump about tariffs and the trade deficit. He claims he reduced the deficit by 78%, and although the exact figure is debated, what really matters is how this impacts interest rates and the dollar.

The interesting thing is that Bitcoin is now behaving like a pure macro asset. It’s not reacting to specific crypto catalysts but to changes in liquidity and rate expectations. If these Trump tariff news translate into higher rates and a stronger dollar, risk assets like Bitcoin could come under pressure. Conversely, if all this fades away as political noise, then the market refocuses on flows and leverage.

For now, the movement is volatile but contained. We’ll see if the tariff discourse persists or if it’s just another cycle of passing news.