Bitcoin Down 2.5% as China Slaps Retaliatory Tariffs on U.S. Coal

A new wave of selling pressure hit Bitcoin (BTC) and Nasdaq futures during Asia trading hours on Tuesday, thanks to China’s latest move in the ongoing trade war with the U.S. The country imposed retaliatory tariffs on various American goods, sending shockwaves through the global markets.

A Tit-for-Tat Trade War

The source indicated that Beijing has slapped a 15% duty on U.S. coal and liquefied natural gas (LNG), as well as a 10% tax on crude oil, agricultural machinery, pickup trucks, and large-engine cars. This move comes on the heels of U.S. President Donald Trump’s new 10% tariffs on China, which took effect recently. The escalating tensions have investors scrambling for safe-haven assets, with the dollar index drawing bids.

“China’s retaliatory tariffs send Bitcoin and Nasdaq futures tumbling, as trade war tensions escalate. The cryptocurrency’s price falls to $98,500, while Nasdaq futures drop 0.6%.”

The trade war drama has been unfolding for weeks, with Trump agreeing to a 30-day pause on his tariff threats against Mexico and Canada just a day ago. This brief reprieve had sent Bitcoin’s price soaring from nearly $92,000 to over $102,000, as investors hoped for a short-lived trade war. However, China’s fresh action has dented the recovery, sending the cryptocurrency’s price down to $98,500 at press time.

As the trade war continues to simmer, investors are bracing themselves for more market volatility. With no clear end in sight, it remains to be seen how Bitcoin and other assets will fare in the face of escalating tensions. One thing is certain, though – the ongoing trade war will continue to be a major driver of market sentiment in the days and weeks to come.

See also  Bitcoin's Next Surge: Fed Decisions Remain Top Risk

Trade War Tensions Send Bitcoin and Nasdaq Futures Tumbling

Source: Markets | Coindesk.com

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