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Bitcoin Down 2.5% as China Slaps Retaliatory Tariffs on U.S., Probes Google
The move came after U.S. President Donald Trump's new 10% tariffs on China came into effect.
Updated Feb 4, 2025, 5:56 a.m. Published Feb 4, 2025, 5:46 a.m.
What to know:
- China slaps retaliatory tariffs on U.S., keeping trade war fears alive.
- BTC, Nasdaq futures drop while the dollar draws haven bids.
Bitcoin and Nasdaq futures faced renewed selling pressure during Asia trading hours on Tuesday as China imposed retaliatory tariffs against the U.S.
China also announced an antitrust probe into Google, while moving clothing firm PVH Corp and biotechnology firm Illumina to the list of unreliable entities.
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Beijing imposed a 15% duty on U.S. coal and LNG and a 10% tax on crude oil, agricultural machinery, pickup trucks and large-engine cars. The move came after U.S. President Donald Trump's new 10% tariffs on China came into effect.
On Monday, Trump agreed to a 30-day pause on his tariff threats against Mexico and Canada, offering a relief to BTC. The cryptocurrency's price staged a remarkable recovery from nearly $92,000 to over $102,000 in hopes that the trade war would be short-lived.
China's fresh action, however, has dented the recovery, sending BTC down to $98,500 at press time. The Nasdaq futures are down 0.6% with the dollar index drawing safe haven bids.
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- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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