The cryptocurrency market continues to face pressure on Tuesday morning after China announced retaliatory tariffs on US goods, while also launching an antitrust investigation into Google.
China 'strikes back', the crypto market falls again
Top cryptocurrencies all fell in price after Beijing announced a 10% - 15% tax on imports from the US. This move came right after Washington imposed tariffs on Chinese goods, causing market sentiment to turn negative.
Earlier, the crypto market witnessed over $2.2 billion being liquidated as investors were concerned about escalating trade tensions.
Bitcoin slightly decreased, with Dogecoin and XRP leading the decline
Most major coins are deep in the red, except for stablecoins. Among them, Dogecoin (DOGE) fell the most with a drop of 5.8%, followed by XRP which lost 5.1% of its value.
However, Bitcoin (BTC) appears quite resilient, only dropping 1.3% to $98,934, according to data from CoinGecko.
This event coincides with a report from South China Morning Post, stating that China imposes a 15% tax on coal and liquefied natural gas, along with a 10% tax on oil and US agricultural equipment.
The global financial market is also affected
Not only crypto, the stock market and commodities are also heavily affected:
🔻 Nasdaq 100 futures index dropped 1.7% just before the US market opened.
🔻 Crude oil prices fell by 1.74%, natural gas decreased by 2%.
🔺 The only currency that saw a slight increase is copper, with a modest rise of 0.35%.
China opens an antitrust investigation into Google
Right after the US implemented new tariffs, the State Administration for Market Regulation (SAMR) opened an antitrust investigation into Google, according to #Bloomberg .
This investigation could further escalate tensions between the two economic powers, affecting many areas beyond crypto.
⏳ The situation is still evolving, and more updates will come in the near future. #anhbacong