
Bitcoin has plummeted to $109,444, the lowest price seen since February, following a threat of new tariffs on China from Donald Trump.
Bitcoin's value plummeted to its lowest point since February, reaching $109,444, triggered by President Trump's announcement of impending 100% tariffs on China. This sharp drop resulted in nearly $1 billion in liquidations within a 24-hour period, significantly impacting the cryptocurrency market. Binance data showed a temporary low of $101,516.5 before a slight recovery, still marking a substantial daily decrease. Ethereum also experienced a notable decline, falling below $4,000 and currently trading around $3,722.30, reflecting the broader market downturn following Bitcoin’s slide. Total liquidations across the past 24 hours exceeded $706.2 million, primarily involving long positions. This situation underscores the vulnerability of the cryptocurrency market to geopolitical and economic news. President Trump's pronouncements regarding China’s trade actions and cancellation of a meeting with President Xi ignited a wave of selling. Stocks also felt the impact, with the SPY ETF dropping 2.7% and the QQQ sinking 3.5%, while Bitcoin mining ETFs also saw losses. Despite the downturn, some mining stocks, like HIVE and BitFarms, still registered weekly gains.