China and U.S Tariffs Impact!!!
Bitcoinย is flirting with the $99,300 level after China announced retaliatory tariffs on certain U.S. goods.
On Tuesday, Chinaโs 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.
Chinaโs tariff announcement comes after the additional U.S. tariffs on Chinese goods took effect today. โThe U.S.' unilateral imposition of tariffs severely violates the rules of the World Trade Organization,โ the Chinese ministry said in a translated statement. Meanwhile, Chinaโs Ministry of Commerceย announcedย 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 worldโs largestย cryptocurrencyย saw aย sharp reboundย 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.
โWhile bitcoin is often discussed as a digital alternative to gold, it is still largely perceived as a risk asset by many investors. As such, Chinaโs retaliatory 10% tariff on the U.S. is likely to put pressure on risk assets, including crypto, much like equities,โ Min Jung, research analyst at Presto Research, told The Block.
โHowever, as seen in todayโs 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 Trumpโs tariffs on Mexico and Canada, itโs โbecoming clear that those were just opening shots โ the real escalation is happening with China, and potentially Europe next.โ
Cold digital war start between U.S and China, some big things happening now...
#BitcoinVsTariffs #USTariffs #ChinaEconomy #ChinaCrypto #Reply $BTC