Cryptocurrency Prices Fall as China Announces Retaliatory Tariffs
Key Points:
- Cryptocurrency prices drop after China announces retaliatory tariffs on select US imports.
- US Bitcoin spot ETFs experience $234.40Mn outflows.
Cryptocurrency prices have taken a hit following China’s announcement of retaliatory tariffs, impacting market sentiments.
Bitcoin’s price, which displayed resilience on Monday, started the week at $98,465 at the CME and declined to a daily low of $91,455 during the Asian trading session.
Liquidations totaling approximately $2.2 billion shook the market as major altcoins saw double-digit losses.
Bitcoin’s price began to recover during the London and NY sessions, surpassing $100,000 to reach a daily high of $102,880. Ethereum and other major altcoins also reduced losses, with Ethereum climbing to $2,910 from a daily low of $2,262.
However, early on Tuesday, Beijing introduced a 15% tariff on coal and other energy imports from the US, along with a 10% tariff on oil and agricultural equipment, further impacting sentiments.
At the time of publishing, Bitcoin is down 3.65% at $99,125, while Ethereum is 5.86% lower at $2,730.