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>>Bitcoin has plummeted to $109,444, the lowest price seen since February, following a threat of new tariffs on China from Donald Trump.

Bitcoin has plummeted to $109,444, the lowest price seen since February, following a threat of new tariffs on China from Donald Trump.

crypthub

1 day ago

Bitcoin's Price Decline

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's Performance

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.

Market Reaction and Stock Impact

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.