Crypto Prices Climb Amid Rally, but Chinese Statements Rattle Investors
Crypto Market Update: Surge Disrupted by China’s Sharp Remarks
Yesterday, the top cryptocurrency broke through the $105,800 resistance mark but quickly encountered heavy selling pressure. Investor doubts lingered in the wake of Friday’s credit downgrade, casting uncertainty over the breakout’s sustainability. Now, fresh warnings from China are adding fuel to market anxiety, threatening to drag crypto prices down further.
Tensions Rise Amid Diplomatic Strains
As this update was being compiled, major statements from China began surfacing. The crypto market had recently seen a sharp rebound, sparked by an unexpected agreement reached in Geneva. This development helped Bitcoin reclaim six-figure territory, and altcoins also posted solid gains.
However, China has now accused the US of undermining the Geneva deal, casting a shadow over recent market optimism. These tensions come at a time when investor sentiment is already fragile.
“The US is sabotaging the Geneva agreement,” Chinese officials stated. “Export controls on chips are eroding the foundation of the accord. We urge the US to correct its mistakes and stop discriminatory actions against China.”
The latest strain stems from US restrictions on Huawei chips, which triggered a temporary dip in crypto markets. Now, China’s firm response is reintroducing uncertainty.
The Ministry of Commerce declared, “If the US continues to damage China’s interests, we will take decisive measures to safeguard our rights.”
With geopolitical tensions escalating, the crypto market remains on edge, watching closely for further developments.