China Sends Crypto Market Tumbling Again- China’s Response to U.S. Shakes Markets
China Sends Crypto Market Tumbling Again– The cryptocurrency market took a hit after China’s retaliatory measures against the U.S. The Chinese government launched an antitrust investigation into Google and announced new tariffs on American goods.
$2.2 Billion Liquidation
The crypto market faced turmoil as investors reacted to China’s countermeasures against U.S. tariffs. Over $2.2 billion was liquidated in just 24 hours due to increased uncertainty.
Widespread Crypto Decline
The top 10 cryptocurrencies, excluding stablecoins, responded negatively to the news. According to CoinGecko:
- Dogecoin (DOGE) dropped by 5.8%.
- XRP fell by 5.1%.
- Bitcoin (BTC) showed relative resilience, declining only 1.3% to $98,934.
New Tariffs on U.S. Goods
China imposed tariffs ranging from 10% to 15% on various U.S. imports. According to the South China Morning Post, the affected goods include coal, liquefied natural gas (LNG), oil, and agricultural equipment.
As per Bloomberg reports:
- Coal and LNG imports will be subject to a 15% tariff.
- Oil and agricultural equipment will face a 10% tariff.
- These tariffs took immediate effect.
How Did U.S. Markets and Commodities React?
- NASDAQ 100 futures fell 1.7% following the news but pared losses to close 1.2% lower.
- Natural gas prices declined by 2%.
- Crude oil dropped by 1.74%.
- Copper was the only major commodity to rise, gaining 0.35%.
Antitrust Investigation into Google
According to Bloomberg, China’s State Administration for Market Regulation launched an antitrust investigation into Google right after the U.S. tariffs took effect.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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