Bitcoin and Nasdaq Futures Face Selling Pressure Amid China’s Retaliatory Tariffs
China Imposes Tariffs on US Goods, Announces Antitrust Probe into Google
Bitcoin (BTC) and Nasdaq futures faced renewed selling pressure during Asia trading hours on Tuesday as China imposed retaliatory tariffs against the United States. The move came after US President Donald Trump’s new 10% tariffs on China came into effect.
China also announced an antitrust probe into Google, while moving clothing firm PVH Corp and biotechnology firm Illumina to the list of unreliable entities. Beijing imposed a 15% duty on US coal and LNG and a 10% tax on crude oil, agricultural machinery, pickup trucks, and large-engine cars.
Trump’s Tariff Pause Offers Temporary Relief to Bitcoin
On Monday, Trump agreed to a 30-day pause on his tariff threats against Mexico and Canada, offering a relief to Bitcoin. The cryptocurrency’s price staged a remarkable recovery from nearly $92,000 to over $102,000 in hopes that the trade war would be short-lived.
China’s Fresh Action Dents Bitcoin’s Recovery
However, China’s fresh action has dented the recovery, sending Bitcoin down to $98,500 at press time. The Nasdaq futures are down 0.6% with the dollar index drawing safe-haven bids.
Impact on Global Markets
The development has sent shockwaves across global markets, with investors seeking safe-haven assets. The dollar index has gained 0.4% against a basket of major currencies, while the Japanese yen and Swiss franc have strengthened.
What’s Next for Bitcoin and Global Markets?
The ongoing trade tensions and retaliatory measures will continue to impact global markets. Bitcoin’s price volatility is likely to remain high, and investors should be prepared for further fluctuations.
Conclusion
The recent developments in the trade war between the US and China have sent shockwaves across global markets, including the cryptocurrency market. Bitcoin’s price volatility is likely to remain high, and investors should be prepared for further fluctuations. The ongoing trade tensions will continue to impact global markets, and investors should monitor the situation closely.
FAQs
- What are the retaliatory tariffs imposed by China? China has imposed a 15% duty on US coal and LNG and a 10% tax on crude oil, agricultural machinery, pickup trucks, and large-engine cars.
- What is the impact on Bitcoin’s price? Bitcoin’s price has fallen to $98,500 at press time, down from its recent high of over $102,000.
- What is the impact on global markets? The development has sent shockwaves across global markets, with investors seeking safe-haven assets. The dollar index has gained 0.4% against a basket of major currencies, while the Japanese yen and Swiss franc have strengthened.
- What is the outlook for Bitcoin and global markets? The ongoing trade tensions and retaliatory measures will continue to impact global markets. Bitcoin’s price volatility is likely to remain high, and investors should be prepared for further fluctuations.
