Bitcoin dropped today to a range of $108,000 as U.S. – China trade tensions escalated and tariff discussions sent shockwaves throughout global markets.
Donald Trump posted China announces on Truth Social Today “aggressive” The following are some examples of how to get started: “unprecedented” All countries will have to implement export controls for nearly all products starting on November 1, 2020. Trump responded by saying that the U.S. would impose 100% tariffs on Chinese products and implement export controls for critical software starting November 1, 2025.
The news caused the bitcoin price to plummet, dropping from approximately $117,000 early in the afternoon down below $108,000. Bitcoin is currently trading in the $113,000 area with high fluctuations.
Bitcoin prices have dropped by as much 10%, while other currencies are down between 20-40%.
US-China Trade Relations: Market Reaction
The global markets fell earlier today after President Trump’s announcement The move is part of a plan to drastically increase tariffs on Chinese products. This move was made to increase tariffs on Chinese goods dramatically. came in response Beijing has imposed new export restrictions on rare-earth metals. The U.S. president accuses China of utilizing these measures. “monopolize” Critical resources
China has tightened its export controls to include foreign products that use Chinese rare earths or contain them. This is a significant escalation of the trade dispute.
The policy expansion — targeting defense, semiconductor, and AI sectors — sparked concerns of a global supply chain shock.
Risk assets broadly tumbled today, with the S&P 500 falling 2% and the Nasdaq down 2.7%. Trump has also canceled a meeting planned with Xi Jinping during APEC. “financially counter” China’s move.
Trump previously described Beijing’s action as “sinister and hostile,” claiming the U.S. holds even greater leverage but has refrained from using it — until now.
Stocks related to crypto, such as Circle (CRCL), Robinhood HOOD (COIN), Coinbase COIN (MSTR) all fell between 3% and 12%.
Bitcoin Price Reaction
Bitcoin has had a great start to October, reaching new all-time records above $126,000 in the first few days of the month. However, it is now settling back down into the range between $121,000 and $122,000.
Market Analysts say the rally reflects Many people describe the term “the” as a way to refer to the “euphoria phase” of the ongoing bull cycle — a stage historically marked by rapid price acceleration and growing retail enthusiasm.
If past cycles are any guide, the current momentum could propel Bitcoin toward the $180,000–$200,000 range before sentiment cools.
Since the beginning of this year, the leading cryptocurrency is up more than 30 percent. steady inflows Investor confidence is resurging in the market for digital assets, including U.S. listed Bitcoin ETFs.
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Source: bitcoinmagazine.com
