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nv - Bitcoin continued its losses yesterday Saturday, down another 2.3% after a sharp decline in technology stocks and high-risk assets as trade tensions between the United States and China escalated dramatically.
President Donald Trump announced late Friday that the United States will impose new tariffs of 100% on all Chinese imports beginning November 1, in addition to the actual tariff rate, which analysts say is already at 40%.
Trump also said that Washington would impose export controls on "any and all critical software" on the same date, marking one of the most comprehensive trade escalations since the start of the trade dispute between the U.S. and China.
This move came after Beijing's decision to tighten restrictions on rare earth metal exports, which are critical inputs for the automotive, semiconductor, and defense industries.
China controls about 70% of the world's rare earth metal supplies, making it a critical choke point in technological supply chains.
Trump said that China has taken an "exceptionally aggressive" stance and hinted that he might cancel a planned meeting with President Xi Jinping at the upcoming APEC summit in South Korea.
Stocks collapsed as traders braced for further escalation
Financial markets reacted quickly. U.S. stocks retraced their early gains and accelerated their decline until the close on Friday, with the Dow Jones Industrial Average dropping by 1.9% and the S&P 500 losing 2.71%, its largest one-day drop since April 10.
The NASDAQ Composite Index, which had reached a record high earlier in the session, ended down 3.56% as tech stocks bore the brunt of the sell-off.
Analysts noted concerns that rare earth metal restrictions could disrupt production plans for major U.S. tech companies. The fear gauge on Wall Street, the CBOE volatility index, rose above 22.
"After a few relatively quiet months and improving relations between the U.S. and China, this escalation of tensions created a scary moment for the markets with tech stocks under significant pressure today," said Wedbush analyst Dan Ives.
However, Ives maintained a constructive view on the sector despite the collapse, saying that "the barking will likely be worse than the bite this time with calm minds prevailing."
He said he still sees pullbacks like this as buying opportunities in semiconductors, software, and major tech companies.
"Sell-offs like today encourage investors to buy the winners in technology and not to go to the elevators despite this war of words between Trump and Xi," Ives concluded.
Bitcoin continues its losses on Saturday
Risk aversion extended to digital assets. Bitcoin, which had plummeted sharply in late Friday trading, fell by 2.35%, trading at $110,745.0000 by 11:18 a.m. Saudi time on Saturday. Ethereum dropped by 0.9% on the day after losing 12.2% on Friday.
The cryptocurrency fell by more than 10% in the past 24 hours, while major tokens including XRP and Solana dropped between 15% and 30%.
The digital asset sector was affected by the broader flight from risk following Trump's comments, with fears that the prolonged trade conflict could tighten global liquidity conditions and limit speculative investment flows.
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