The relief in global markets was short-lived as China retaliated with new tariffs in response to escalating trade tensions, sending Bitcoin (BTC ($99,271.14)) plunging to as low as $98,000, according to a report by crypto trading firm QCP.
Bitcoin Drops to $98K as China Retaliates with Tariffs, Targets US Tech Giants
Adding fuel to the fire, Beijing announced it was launching an antitrust investigation into Google, signaling a strategic escalation that will directly target major U.S. tech firms.
The move underscores China’s readiness to expand its reach beyond traditional trade measures, while raising new concerns about the potential ripple effects on global markets.
“The relief was short-lived,” QCP said, emphasizing that the rapid decline in BTC reflected growing fears about the economic consequences stemming from worsening US-China tensions.
The crypto market, often seen as a barometer for broader risk sentiment, has reacted sharply as investors reassess risks related to geopolitical instability.
Market analysts warn that any sanctions or restrictions targeting U.S. tech companies could significantly impact corporate earnings and pose a significant risk to risky assets such as cryptocurrencies, stocks and emerging market investments.
The latest tariffs and regulatory crackdowns come amid an already fragile economic environment, with investors closely watching for possible retaliatory measures from Washington. Rising uncertainty has fueled a flight to safety as riskier assets face heightened volatility.
As tensions continue to escalate, both traditional and crypto markets are bracing for further turbulence, with Bitcoin’s sharp pullback serving as a stark reminder of the fragile balance between geopolitics and market sentiment.
*This is not investment advice.
Continue Reading: Bitcoin Report from Crypto Trading Firm QCP: ‘China’s US Retaliation Caught Bitcoin Off!’ Here Are the Details
