Bitcoin Drops to $104,782 Amid Escalating US-China Trade War Under Trump
Bitcoin’s value recently dropped significantly, falling to $104,782 amid rising tensions between the United States and China. The ongoing trade conflict escalated after U.S. President Donald Trump announced new tariffs on Chinese exports.
Impact of Trade War on Financial Markets
On October 10, 2023, Trump revealed that he plans to raise tariffs on Chinese goods to 100%. This decision came in response to China’s limitations on exporting rare earth minerals, which are essential for technology and manufacturing industries.
- Bitcoin fell by 8.4%, reaching $104,782.
- Ethereum, the second-largest cryptocurrency, experienced a decline of 5.8%, trading at $3,637.
- The S&P 500 Index declined by more than 2% due to the trade tensions.
Market Reactions
The announcement triggered significant volatility in global financial markets. Investors reacted swiftly to the new tariffs and export controls, adjusting their portfolios accordingly.
As the trade conflict continues, the cryptocurrency market remains sensitive to geopolitical developments. Investors are advised to stay informed about potential fluctuations in both traditional and digital currencies.
