Bitcoin Bears the Brunt of Trade Tensions
The world’s largest cryptocurrency, Bitcoin, continued its downward slide on Friday, falling to $104,782. Analysts attribute the decline primarily to U.S. President Donald Trump’s announcement of escalating the trade war with China, according to a Reuters report.
On Friday, Trump declared that he would raise tariffs on Chinese exports to 100 percent and impose a ban on the export of “all critical software” as a retaliatory measure. Earlier, China had decided to restrict the export of rare earth minerals, which are vital for the technology and manufacturing sectors.
This renewed trade tension has fueled volatility in global markets.
As of 5:20 p.m. U.S. time on Friday, Bitcoin was down 8.4 percent at $104,782, while Ethereum, the second-largest cryptocurrency, dropped 5.8 percent to $3,637.
