Bitcoin Stagnates as Tariffs Put on Hold

Bitcoin is holding steady close to its recent record high after Trump entered new trade negotiations with the European Union.

Bitcoin is holding steady close to its recent record high after Trump entered new trade negotiations with the European Union.

Live BTC/USD Chart

Holding near its record high, Bitcoin is barely moving, with a value of $110,150 (BTC/USD) and an increase over the last 24 hours of 0.33% as new tariffs have been delayed.

Bitcoin is tantalizingly close to its recent record and could easily set a new record later today. It is being held back in part, though, by the fact that President Donald Trump recommended a 50% tariff on European Union goods and then backtracked the next day. Trump talked to the president of the European Commission on Sunday and decided to delay the new tariffs until July 9th.

This gives Bitcoin a chance to climb even higher, but the looming threat of new tariffs could derail the coin’s upward progress. What has been remarkable about Bitcoin lately, though, is that it has managed to climb higher even when the stock market is low, thanks mostly to the advance of new stablecoin legislation that would modernize the government regulations for those cryptocurrency coins.

New Quantum Threat

Asset management firm BlackRock recently issued a warning for Bitcoin holders about how new quantum tech could undermine the security of Bitcoin.

New quantum computers are so powerful that there is a risk that they could break the encryption that keeps Bitcoin addresses confidential. This means that they could be capable of breaking the security on crypto wallets and exposing Bitcoin assets and other crypto assets to hackers and thieves.

This warning was issued in May of this year, highlighting the danger of quantum computing on digital currencies that have so far been well protected by their security measures. As quantum computing advances, however, Bitcoin and other digital currency is vulnerable to theft, and investors need to be aware of that.

As soon as the first quantum computing theft occurs from a Bitcoin account or some other crypto asset, the market is likely to panic, and prices are sure to plummet until a security solution can be found. The problem is that the methods to protect against data intrusions for this nature may have to identify Bitcoin holders and eliminate their anonymity.