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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.
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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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Gold in 'extreme greed' sentiment as it adds entire bitcoin market cap in one day
Bullion ripped past $5,500 and sentiment gauges hit “extreme greed,” while bitcoin stayed pinned below $90K — a split that’s getting harder to ignore.
What to know:
- Gold’s surge above $5,500 an ounce has taken on the feel of a crowded trade, with its notional value jumping about $1.6 trillion in a single day.
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