Bitcoin Drops Below $104K Amid Renewed U.S.-China Tariff Concerns
Markets experienced declines on Friday due to renewed concerns over U.S.-China tariffs.
- Bitcoin is down 2.1%, trading above $104,000 after hitting a low of $103,900.
- The CoinDesk 20 index fell by 4.2%.
- Smart contract platforms showed significant losses: Solana down 6.3%, Sui down 7.8%, and Avalanche down 7.3%.
- Crypto stocks also declined; Bitdeer (BTDR) fell 8.3%, while MicroStrategy (MSTR) decreased by 2.7% and Coinbase (COIN) by 1.3%.
- Wider market impacts included the S&P 500 and Nasdaq dropping 1% and 1.5%, respectively, with gold losing 0.7%.
U.S.-China Tariff Tensions
- Concerns stemmed from renewed U.S.-China trade tensions after President Trump accused China of violating a tariff agreement.
- Treasury Secretary Scott Bessent reported stalled talks with Chinese representatives.
- China urged the U.S. to cease what it deems discriminatory restrictions.
- The previous easing of tensions had contributed to risk asset rallies in May, benefiting Bitcoin.