Bitcoin extended its losses on Friday, plunging 8.4% to $104,782 as of 17:20 ET (21:20 GMT), after U.S. President Donald Trump announced sweeping new measures against China in the latest escalation of the trade war between the two global superpowers, reports Reuters.
Trump said the U.S. would raise tariffs on all Chinese exports to 100% and impose strict export controls on "any and all critical software" in retaliation for China's recently announced restrictions on rare earth mineral exports — materials vital to technology and manufacturing industries.
The aggressive move rattled global financial markets. The benchmark S&P 500 Index dropped over 2% on the day, as investors reacted sharply to the deepening geopolitical tensions and the potential impact on global trade and technology supply chains.
Cryptocurrencies were not spared. Ethereum, the second-largest digital asset by market value, fell 5.8% to $3,637 as of 17:21 ET, tracking broader market risk aversion and reduced investor appetite for volatile assets.
Bitcoin’s steep drop reflects investor concern over worsening macroeconomic instability and heightened regulatory risks across both traditional and digital markets. Market participants are now closely watching for potential countermeasures from Beijing, as fears grow that a prolonged standoff between the U.S. and China could further disrupt global economic recovery.
Bd-pratidin English/ Jisan
