Bitcoin rises slightly, holding at $83,000 as global trade war deepens stock market slide

Bitcoin held its head above water after China retaliated against President Donald Trump's tariffs, while stocks continued to crater following their worst day since 2020.
The price of the flagship cryptocurrency was last higher by 1.7% at $83,396.89 on Friday, according to Coin Metrics. Most of the flagship cryptocurrencies were also in the green Friday.
Crypto-related stocks fell again, however, with Coinbase down about 8% and MicroStrategy down more than 1%. Meanwhile, spot gold fell 2.6% to $3,038.50 an ounce, while U.S. gold futures were down 2.9% at $3,020.79.
Investors were rattled for a second day after China's commerce ministry on Friday said the country will impose a 34% levy on all U.S. products, matching the tariff Trump revealed Wednesday on Chinese goods coming into the U.S.
"Tariffs do affect the cost for U.S. builders, where inflation and higher goods cost make all this more expensive, presumably encouraging more capital flows and investment to Asia," said James Davies, CEO at crypto derivatives trading platform Crypto Valley Exchange. "The tariffs are reshaping global trade away from the U.S., reducing dollar reliance, changing funding rates and decoupling the U.S. … they impact everything, but crypto is robust. As its decentralized nature indicates, it should be a winner from this, even if the outcome for U.S.-domiciled crypto entities is much less clear."