Bitcoin Price Holds Steady Despite Tariff Volatility and ‘TACO’ Meme Backlash
Bitcoin is holding its ground, barely flinching above $104,000, even as President Donald Trump’s latest tariff hike triggers a fresh round of global market jitters. The crypto world, it seems, has grown accustomed to the drama.
Trump’s Tariff Tactics: A Familiar Playbook
Here’s what sparked the latest stir:
- Last Friday, Trump accused China of violating a trade pause agreement from mid-May.
- In response, he announced a tariff hike from 25% to 50% on steel and aluminum imports, effective June 4.
- The move triggered backlash, with critics reviving the meme “Trump Always Chickens Out” (TACO), arguing that Trump has a history of backing down from tough stances.
At a campaign rally in West Mifflin, Pennsylvania, Trump stood firm, saying the move will “secure the steel industry in the United States” and cited a new deal between Nippon Steel and U.S. Steel as proof of success.
Bitcoin Shrugs It Off — For Now
Despite the headlines, Bitcoin held above $104,000 on Monday. Here’s a snapshot of what’s happening:
- Crypto Liquidations: Nearly $1 billion in liquidations hit the market after the tariff news broke.
- ETF Outflows: Bitcoin ETFs saw $430 million in outflows as traders reacted to the uncertainty.
- Price Action: BTC price dipped but found support, stabilizing in the $100K–$110K range.
QCP Capital analysts noted that while the selloff spooked some traders, it reflected short-term repositioning rather than outright panic. They pointed to:
- Muted leverage in the futures market
- Steady institutional interest in Bitcoin, with ETF inflows prior to the tariff drama
- A likely consolidation phase in the $100K–$110K zone as the market digests macro and political signals
What to Watch Next
The “Trump always chickens out” meme is more than just a punchline — it highlights market skepticism about how far the president will go in a trade standoff. Traders are watching closely to see if China follows through on threats of “forceful measures” in response to the tariff hike.
Meanwhile, Bitcoin’s resilience amid global volatility suggests that the asset is maturing. Analysts will continue to monitor ETF flows, leverage trends, and any new political twists that could influence short-term price action.
Final Thoughts
Bitcoin’s muted reaction to the latest tariff news shows a market increasingly focused on long-term fundamentals over short-term drama. While traders adjust positions, the broader outlook remains bullish — assuming no major surprises from the Trump administration or China’s response.
