Crypto Market Reacts to US-China Tariff Escalation, BTC Slides Below $99k
After the announcement of the new allies announced a new tariff, large cryptocurrencies have declined on Monday, which exacerbates people’s concerns about the potential upgrade of global trade tensions. As investors try to withdraw from adventure assets, Bitcoin fell to three weeks, and Ethereum reached its lowest level since September. However, Bitcoin is the world’s largest cryptocurrency. It returned to more than $ 101,000 at a low market value of $ 90,000, and then dropped to less than $ 99,000 again.
China’s revenge on US tariffs
In response to the latest trade measures in the United States, China quickly levied tariffs on major exports of the United States. Effective from 12:01 in the morning in the eastern United States, all the imports of China in the United States put 10 % tariffs in China. Tariffs are targeted at 15 % of tariffs on coal, liquefied natural gas, crude oil, and chosen cars. These measures will take effect on February 10. China has also cited national security issues, export control of key minerals such as tungsten and Dingsen.
The United States, the Chinese trade war continues to intensify
There are no signs of trade conflict between the United States and China. Although President Trump temporarily suspended tariffs on Mexico and Canada, which relieved the global market, it did not expand this large treatment to China. In addition, China conducted a anti -Torais investigation on Google, which marked the further tension of American companies.
Altcoins rebound
Altcoins also saw a sharp recovery rate, XRP increased by 50 %, restored 50 % from the previous losses, and Solana advanced to trade at a price of $ 210. Although cryptocurrencies have remained sensitive to macroeconomic events, the suspension of Mexican tariffs has increased market sentiment and caused re -specification interest on digital assets. Ethereum has also obtained income, and the current transaction exceeds $ 2,700.
