Bitcoin Unbothered By 'One-Time Price Adjustment' From Tariffs As Treasury Sec Bessent Assures 'Smooth Transition'

by Murtuza Merchant Benzinga Staff Writer

Zinger Key Points

Bitcoin trades at $89,650, Ethereum slips to $2,195, while Solana, XRP and Dogecoin react to macroeconomic shifts and trade policies.
With the White House Crypto Summit approaching, investors await regulatory clarity as tariffs and economic policies shape market sentiment.
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U.S. Treasury Secretary Scott Bessent on Friday characterized tariffs as a "one-time" price adjustment, outlining the administration's trade strategy ahead of the White House Crypto Summit.

What Happened: In an interview with CNBC, Bessent explained the tariff policy as a corrective measure to address global trade disparities, targeting issues like currency manipulation, government subsidies, and non-tariff barriers.

"The tariffs are one-time price adjustment, and everything else the administration's doing," he said, noting positive economic indicators such as a 15% decline in energy prices and crude oil since inauguration, alongside lower mortgage rates and a rise in housing applications last week.

He emphasized that the goal is to prioritize American workers' prosperity through employment rather than cheap imports, with a detailed announcement on trading partners' status set for April 2.

Meanwhile, the cryptocurrency market displayed varied dynamics as investors awaited clarity from the summit.

Also Read: Coinbase CEO Brian Armstrong Lauds Donald Trump For ‘Incredible Execution’ In Establishing Strategic Bitcoin Reserve

Why It Matters: Bitcoin BTC/USD held steady at $90,565, maintaining its resilience as a perceived safe-haven asset amid economic policy discussions.

Ethereum ETH/USD saw a 1.1% decline to $2,230, while Solana SOL/USD and XRP XRP/USD fell 1% and 2%, respectively, signaling potential uncertainty among altcoins.

Dogecoin DOGE/USD traded flat, showing stability despite the broader market's cautious mood.

The summit, expected to address a strategic crypto reserve, adds another layer of significance to these price movements, though Bessent's comments were focused solely on trade.

Bessent also addressed concerns about economic transitions, noting a shift from public to private spending.

"I'm confident if we have the right policies, it'll be a very smooth transition," he stated, highlighting efforts to stimulate private-sector lending and employment through sound banking regulations.

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