Cryptocurrencies fall again as China is about to impose tariffs on US goods

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Cryptocurrencies plummeted in early trading on Tuesday after China announced retaliatory measures against the United States, including an investigation into Google and new taxes on US goods.

Cryptocurrencies are still affected by the global market crash, which led to more than $2.2 billion in liquidations due to investor uncertainty after the US tariffs.

The top ten cryptocurrencies other than stablecoins reacted negatively to the news, with Dogecoin leading the decline, falling 5.8%, followed by XRP, which fell 5.1%.

Bitcoin showed relative resilience, falling only 1.3% to $98,934, according to CoinGecko data.

Earlier, Asian media such as the South China Morning Post reported that Beijing had announced tariffs of 10% to 15% on US goods.

Bloomberg further reported that Beijing will impose a 15% tariff on coal and liquefied natural gas imports, and a 10% tariff on oil and agricultural equipment from the United States, which will take effect immediately.

Nasdaq 100 futures also reacted immediately, falling 1.7% eight hours before the U.S. market opened.  By mid-afternoon, futures had pared losses slightly, but were still down 1.2% on the day, according to Yahoo Finance.  Commodities were generally under pressure, with natural gas falling sharply by 2%, crude oil falling by 1.74%, and copper being the only major commodity to rise, up slightly by 0.35%.  According to another Bloomberg report, China's State Administration for Market Regulation also launched an antitrust investigation into Google after the U.S. tariffs took effect.  Click on the avatar live to watch the live broadcast to catch the bull market dynamics