Bitcoin Drops to $83,000 Following China’s Retaliatory Tariffs Announcement
Risk sentiment declined during European trading hours on Friday following China's announcement of retaliatory tariffs on all goods in response to the U.S. increasing tariffs on Chinese imports to 54%.
- Bitcoin fell by $1,600 to $83,000, reversing an earlier rise to $84,600.
- Other cryptocurrencies including XRP, ETH, SOL, and DOGE also experienced declines after initial gains.
- Futures for the S&P 500 and Nasdaq dropped over 2% due to escalating global trade tensions.
- Analyst Justin Low indicated that China's actions negatively affect both the U.S. and the global outlook.