Cryptocurrencies plummeted in the U.S. market late Friday morning after President Donald Trump proposed a plan to raise tariffs on Chinese goods in response to export controls on rare earth metals.
Bitcoin fell back below $118,000 and other major cryptocurrencies such as ETH and SOL also tumbled.
Bitcoin is currently priced at $118,800, down about 2% in the last 24 hours and down about 6% since hitting a new record above $126,000 four days ago.
The tariff policy triggered the cryptocurrency price plunge mainly because Trump’s tariff threats have heightened global trade tensions, triggering fears of recession and stagflation in the market, and investors’ risk aversion has risen, selling off risky assets, and cryptocurrencies, as a type of risky asset, have been hit hard. In addition, the tariff policy may also affect the development of the global economy, which in turn affects the market demand and price of cryptocurrencies.
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Summarize
Tariff policies may also affect the development of the global economy, which in turn affects the market demand and price of cryptocurrencies, so join XiuShan Mining immediately to seek stable returns.
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