$BTC - May more volatility come. Now it's China's turn.

China recently announced (on today's date) the imposition of tariffs on certain agricultural and food products from Canada. This measure is a retaliation against the tariffs that Canada implemented in October on Chinese electric vehicles, steel, and aluminum. Starting March 20, China will impose a 100% tariff on Canadian imports of canola oil, oil cakes, and peas, and a 25% tax on aquatic products and pork from Canada.

These trade tensions have significant repercussions in the cryptocurrency market. Recently, cryptocurrency derivatives traders faced over $738,251,558,891 billion in liquidations within 24 hours, as fears of a potential trade war affected the markets. More than 87% of these liquidations were from long positions, following a volatile start to March, where double-digit losses on March 4 erased significant gains made just days earlier.

Bitcoin (BTC) performed poorly in February, retreating 17.39% amid the tariff war initiated by U.S. President Donald Trump. This was its worst monthly result since June 2022.

Furthermore, the imposition of trade tariffs by U.S. President Donald Trump on Canada, Mexico, and China has heightened investor concerns about a potential global trade war. This situation has had an impact on stock markets across Europe, Asia, and the U.S. itself, with cryptocurrencies being particularly affected by the decreased interest in high-risk investments.

The recent tariffs imposed by China on Canada, coupled with global trade tensions, have contributed to volatility and selling pressure in the cryptocurrency market, negatively affecting prices and increasing uncertainty among investors.