Bitcoin ( BTC-USD ) is set to fall by 1.5% as compared to last week, as President Donald Trump's proposed tariffs on Canada and Mexico and 10% tariff on China will indeed go into effect on Saturday. The world's oldest cryptocurrency retreated to multi-day lows on Monday, mirroring a sharp drop in U.S. tech stocks catalyzed by the sudden emergence of Chinese AI startup DeepSeek. BTC has dropped below the $100K on the day. However, the downturn did not last long, and the cryptocurrency soon reclaimed the $100K threshold, and has continued to trade over the mark at the time of writing. On Wednesday, Bitcoin ( BTC-USD ) initially dipped a little after the Federal Reserve decided to keep rates steady, but the cryptocurrency recovered soon after. "Initial fears about DeepSeek presented a buying opportunity for crypto as the industry isn't in direct confrontation with the Chinese AI firm. Instead, founders of crypto projects that use AI can integrate DeepSeek's open-sourced model into their projects for more efficiency and enhanced innovations," said Nick Ruck, director at LVRG Research. We remain optimistic for Bitcoin in the long term, as policies are shaping up to be very beneficial for the crypto industry's growth in the US and abroad, Ruck added. The cryptocurrency has also been benefiting from Donald Trump's return to the White House. BTC had reached an all-time high of $109.3K on January 20, just before Trump's inauguration ceremony. On January 23, Trump signed an executive order to create a so-called crypto working group to advise his team on industry-related policies. On Thursday, hedge fund Elliott in an investor letter said, President Trump is inflating a crypto bubble that could cause havoc when it busts, according to a report in The Financial Times. Trump’s extraordinary embrace of cryptocurrencies could fuel a speculative mania that would cause havoc when crypto prices collapse, the letter added. "Despite Bitcoin-friendly pledges, the administration's approach seems more diversified, likely incorporating stablecoins and other cryptocurrencies rather than focusing solely on Bitcoin," Seeking Alpha analyst Mike Fay said. Notable News CNBC's Jim Cramer urged investors earlier in the week to own Bitcoin ( BTC-USD ) rather than betting on Michael Saylor's MicroStrategy ( MSTR ) as a proxy for Bitcoin exposure. Trump’s executive order on digital assets is a positive for the crypto world, but “it remains to be seen how recommendations differ from existing bills,” including those that have pending court cases, said Alex Saunders, head of quantitative macro strategy at Citi Research, in a note. Cryptocurrency exchange Kraken has brought back blockchain staking offerings for U.S. customers. Crypto asset manager Grayscale launched an exchange-traded fund offering investors exposure to Bitcoin ( BTC-USD ) miners. Mizuho Securities analyst Dan Dolev upgraded Coinbase Global ( COIN ) shares to Neutral from Underperform on Wednesday on the expectation the crypto exchange will benefit from further gains in the price of Bitcoin ( BTC-USD ). Investment firm D.E.Shaw has taken a stake in Riot Platforms ( RIOT ) and may push for changes at the Bitcoin miner. CME Group ( CME ) will introduce options on Bitcoin Friday futures on Feb. 24, pending regulatory review, the company said on Wednesday. MicroStrategy ( MSTR ) has proposed an offering of 2.5M shares of its Series A Perpetual Strike Preferred Stock. The Securities and Exchange Commission has approved part of an application by Bitwise Asset Management for a combined Bitcoin ( BTC-USD ) and Ether ( ETH-USD ) exchange-traded fund. Moves of other cryptocurrencies Bitcoin ( BTC-USD ) fell 2.9% to $102.3K as at 2:30 pm on Friday, after the White House said Trump's proposed 25% tariffs on Canada and Mexico and 10% tariff on China will go into effect on Saturday. Ether ( ETH-USD ) was up 1.7% to $3.3K, while DOGE ( DOGE-USD ) down 1.7% to $0.33. More on cryptocurrencies Cryptocurrencies: Bitcoin Down 5% This Week Bitcoin And 'Strategic Reserve' Progress VanEck Mid-January Bitcoin ChainCheck Bitwise's bitcoin-ether ETF gets initial SEC nod DeepSeek's rise triggers 'overdone' selloff in bitcoin mining stocks, analyst says
