Bitcoin price today: hovers at $114k after steep losses on tariff, economic fears

Investing.com-- Bitcoin moved little on Monday, steadying after logging steep losses over the past week as concerns over softening U.S. economic growth and looming trade tariffs dented appetite for risk-driven assets. 

Broader crypto prices rose marginally, but were also nursing from last week’s risk-off move, while some elements of profit-taking remained in play.

Bitcoin rose 0.6% to $114.268.8 by 01:25 ET (05:25 GMT). 

Recent buying by major corporate holders did little to stem losses in Bitcoin, which was down nearly 3% in the last five days. 

Bitcoin rattled by soft payrolls, tariff uncertainty 

Bitcoin sank in tandem with Wall Street on Friday, after nonfarm payrolls data for July read substantially weaker than expected.

The reading ramped up concerns over a cooling U.S. economy, as did a sharp downward revision in jobs growth over the past two months.

President Donald Trump shortly after the reading fired Bureau of Labor Statistics Head Erika McEntarfer, also spurring some concerns over the future credibility of U.S. economic data. 

While the weak payrolls data did ramp up bets on interest rate cuts by the Federal Reserve, it also underscored a rapid cooling in the U.S. economy, given the importance of the labor market.

Adding to the economic uncertainty, Trump’s tariffs against a host of major trading partners are set to take effect this week, potentially causing more economic disruption.

While Bitcoin and crypto are not directly impacted by trade tariffs and a cooling labor market, the resulting shifts in sentiment factor into speculative asset prices. Lower rates, however, stand to benefit Bitcoin in the long term.

Metaplanet buys more Bitcoin

Metaplanet Inc (TYO:3350) said on Monday it had purchased an additional 463 Bitcoin at about 17,268,320 yen ($116,975), bringing its total stash to 17,595 coins.

The Japanese hotelier turned Bitcoin treasury also said on Friday that it will raise $3.7 billion in equity to buy more Bitcoin.

Metaplanet is the world’s seventh-largest corporate holder of Bitcoin, and is about 200 coins behind Trump Media & Technology Group Corp (NASDAQ:DJT). 

Crypto price today: altcoins recover some ground

Broader crypto prices were positive on Monday, as major altcoins tentatively recovered some of last week’s losses. 

World no.2 crypto Ether rose 2.4% to $3,527.01, while XRP rose nearly 5% to $2.9712. The two slumped between 9% and 13% last week. 

Solana rose 0.8%, while Cardano added 2.4%.

Among memecoins, Dogecoin rose 2%, while $TRUMP added 1.6%.