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Bitcoin Tumbles Below $80K Alongside 5% Plunge in Nasdaq as China Tariff Tiff Escalates
What to know:
Bitcoin and tech stocks tumbled Thursday as investors thought twice about yesterday's historic rally.
A late-morning White House clarification raised the effective China tariff rate to 145% from 125%, helping push the Nasdaq from a 4% loss to 5.5%; bitcoin followed suit, sliding back to $79,000.
Gold surged to a record high and the dollar sank, as traders shifted focus from inflation to geopolitical risk.
After U.S. markets enjoyed a brief gasp of relief on Wednesday, charts got ugly again on Thursday as focus shifted to a potential bigger conflict between the U.S. and China.
Bitcoin (BTC), which rose more than 8% the day prior, dipped about 4% below $80,000 again on Thursday. The decline in bitcoin came alongside a renewed plunge in the Nasdaq, which was lower by 5.5% following yesterday's 12% rally as traders are assessing U.S. President Donald Trump’s next steps in his tariff policy.
What to know:
Bitcoin and tech stocks tumbled Thursday as investors thought twice about yesterday's historic rally.
A late-morning White House clarification raised the effective China tariff rate to 145% from 125%, helping push the Nasdaq from a 4% loss to 5.5%; bitcoin followed suit, sliding back to $79,000.
Gold surged to a record high and the dollar sank, as traders shifted focus from inflation to geopolitical risk.
After U.S. markets enjoyed a brief gasp of relief on Wednesday, charts got ugly again on Thursday as focus shifted to a potential bigger conflict between the U.S. and China.
Bitcoin (BTC), which rose more than 8% the day prior, dipped about 4% below $80,000 again on Thursday. The decline in bitcoin came alongside a renewed plunge in the Nasdaq, which was lower by 5.5% following yesterday's 12% rally as traders are assessing U.S. President Donald Trump’s next steps in his tariff policy.
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