China and U.S Tariffs Impact!!!
Bitcoin is flirting with the $99,300 level after China announced retaliatory tariffs on certain U.S. goods.
On Tuesday, China’s finance ministry said that starting Feb. 10, it will impose an additional 15% tariff on coal and liquefied natural gas and an additional 10% on crude oil, agricultural machinery and certain vehicles.
China’s tariff announcement comes after the additional U.S. tariffs on Chinese goods took effect today. “The U.S.' unilateral imposition of tariffs severely violates the rules of the World Trade Organization,” the Chinese ministry said in a translated statement. Meanwhile, China’s Ministry of Commerce announced on Tuesday that it will tighten export controls on products containing tungsten, tellurium, bismuth, molybdenum, and indium, citing the need to safeguard national interests and security.
The world’s largest cryptocurrency saw a sharp rebound to above $100,000 on Monday after U.S. President Donald Trump said the tariff threats between the U.S. and Mexico were put on pause for the next month.
“While bitcoin is often discussed as a digital alternative to gold, it is still largely perceived as a risk asset by many investors. As such, China’s retaliatory 10% tariff on the U.S. is likely to put pressure on risk assets, including crypto, much like equities,” Min Jung, research analyst at Presto Research, told The Block.
“However, as seen in today’s V-shaped recovery before the announcement, the initial market reaction may have been an overreaction. Justin d'Anethan, head of sales at Liquifi, said that while initial market jitters were tied to Trump’s tariffs on Mexico and Canada, it’s “becoming clear that those were just opening shots — the real escalation is happening with China, and potentially Europe next.”
Cold digital war start between U.S and China, some big things happening now...
#BitcoinVsTariffs #USTariffs #ChinaEconomy #ChinaCrypto #Reply $BTC