The crypto market fell Friday, with bitcoin BTC$63,097.25 recovering from a drop below $63,000 to trade down 1.2% since midnight UTC and ether (ETH) losing 1.74%. Total crypto market capitalization shed 1.86% to sit at $2.16 trillion.The selloff is not isolated to crypto. Nasdaq 100 index futures dropped 1.91% and S&P 500 futures slipped 0.96%, pointing to macro forces driving the move rather than anything crypto-specific. Japan’s Nikkei 225 index dropped 4%, while South Korea’s Kospi stock exchange was closed for Constitution Day.In a a classic risk-off rotation, the Dollar Index (DXY) rose to 100.75 while gold advanced 0.61% to…

The Trump administration’s trade war with the world has been a haphazard, often chaotic affair, but if you had to identify a single, guiding principle for the administration’s actions, it would be balancing America’s trade deficits. President Donald Trump has been talking about the trade deficit for years (even though he sometimes seems to confuse it with the federal budget deficit, which is a very different thing). During his second term, the president’s top trade officials have also stressed the trade deficit as a key metric by which to measure the effectiveness of Trump’s tariffs. For example, when pressed by Rep.…

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