28-2-2025 – Bitcoin has breached a significant technical threshold, dropping below its 200-day simple moving average on Friday as weekly losses mounted to 16%. The premier cryptocurrency momentarily dipped under the $80,000 benchmark for the first time since 11 November, amid strengthening demand for the US dollar following renewed concerns about American trade policies.
The downturn has proved even more pronounced across alternative cryptocurrencies. XRP, which focuses on payment solutions, has fallen through a critical technical support—the 23.6% Fibonacci retracement level—signalling potential for more substantial declines ahead. Meanwhile, Solana’s SOL token retreated to $1256, touching lows not witnessed since September, whilst DOGE plummeted below 20 cents, effectively surrendering nearly 78.6% of gains accumulated during its October-December rally.
This market turbulence follows President Donald Trump’s Thursday announcement regarding his intention to implement new tariffs against Canada and Mexico beginning 4 March. The proclamation included plans to double the existing 10% universal tariff applied to Chinese imports.
Financial analysts at ING have noted the potential long-term implications of these policy shifts, stating in Thursday’s client communication: “We expect US tariffs to regain centrality and drive the dollar sustainably higher.” Their assessment appears to be materialising already, with the dollar index—which measures the greenback’s strength against major global currencies—climbing to 107.30, extending its recovery from Wednesday’s position near 106.15.
