What to know:
- A modestly down day in cryptocurrencies morphed into a deeper selloff late in the in the U.S. day on Thursday.
- Above $108,000 a few hours ago, bitcoin slid below $106,000.
- Trump tariff threats and boosted Middle East tensions were among the headlines, though other risk assets didn’t seem affected.
On Thursdays, most cryptocurrencies experienced a general decline. The downward trend intensified particularly during the early evening hours in the United States.
Bitcoin
slipped more than 2.5% over the past 24 hours to $105,900, but the declines were far steeper in altcoins, with ether , solana , XRP and dogecoin among those tokens sporting 5%-7% drops.
On Thursdays, various high-risk investments started off sluggishly due to President Trump’s announcement of potential new tariffs as the deadline for trade agreements in early July approaches.
Moreover, the stalled nuclear talks between Iran have caused heightened apprehension about possible Israeli military actions targeting Iran’s nuclear facilities.
Trump informed reporters at the White House on Thursday, “There’s a possibility of significant conflict here. There are many American citizens residing in this region, so I suggested they evacuate because something could erupt quickly, and I don’t want to be the one who didn’t provide any warning as missiles may start flying.
Trump expressed that, although he doesn’t want to use the term “imminent,” it seems quite possible that Israel might take action against Iran. He clarified that he has cautioned against any attack during ongoing negotiations.
Despite U.S. stocks managing to recover slightly from the news, cryptocurrencies didn’t fare as well.
Or, in a more colloquial style:
While U.S. stocks shrugged off the headlines and finished with small increases, cryptos didn’t get that lucky.
Green shoots?
Over the recent weeks, I’ve observed a surge in risky assets such as cryptocurrencies, which I find intriguing given the U.S. Federal Reserve’s firm stance against loosening its monetary policy in the near term.
As an analyst, I find myself observing persistent indications that the Federal Reserve may need to act soon due to weak economic signals. Sluggish employment growth and diminishing inflation rates are among these signs. Two additional pieces of data surfaced on Thursday, specifically, the Producer Price Index for May showed a softer result than anticipated on both the headline and core levels. Moreover, initial jobless claims unexpectedly reached a level equivalent to last week’s multi-month high of 248,000.
Unemployment benefits for those continuously out of work increased to 1,956,000, marking a third straight rise and reaching its peak since last November.
President Trump persisted in his efforts to persuade Federal Reserve Chairman Jerome Powell to adopt a more accommodating monetary policy, labeling him “unintelligent” for failing to reduce interest rates. He hinted at taking aggressive action, saying, “I might need to take matters into my own hands.” However, Powell’s tenure as Fed chairman doesn’t conclude until 2026, and Trump had earlier stated that dismissing him before then was not feasible.
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2025-06-13 01:00