Bitcoin Falls Below $112K Amid China-U.S. Trade Tensions
- Bitcoin dropped below $112,000 amid China's retaliatory trade measures affecting global markets.
- BTC fell 3% to $111,869; ETH decreased 4% to approximately $4,000; BNB plunged over 10%.
- China sanctioned U.S. units of South Korean shipbuilder Hanwha Ocean, escalating trade tensions with the U.S.
- Asian stocks declined, and futures in the U.S. and Europe followed suit as investors de-risked.
- S&P 500 futures dropped 0.7%, Nasdaq 100 futures lost 1%, and Japan’s Nikkei fell more than 3%.
- Total liquidations reached $630 million, with long positions comprising two-thirds of the losses, according to CoinGlass.
- Volatility persists after a prior large-scale liquidation event caused by U.S. tariff threats on Chinese imports.
- Crypto's correlation with global macro risk remains evident, as previous gains nearly reversed.
