Bitcoin price dropped sharply after China announced a 34% tariff targeting all goods imported from the United States.
In addition, the Asian country government added 11 American firms to its unreliable entity list, targeting drone manufacturers and other key players.
Further tightening the screws, China reportedly placed export controls on seven rare-earth minerals critical to US manufacturing. These include samarium, gadolinium, and terbium — elements widely used in defense systems, electronics, and renewable energy equipment.
The decision, set to take effect on April 10, rattled global markets and sent risk assets into a downturn.
According to data from CryptoSlate, the flagship digital asset fell nearly 3% within an hour. After peaking above $84,000 earlier today, Bitcoin tumbled to $81,745 before recovering slightly to trade at $82,530 at press time.
The price drop triggered widespread liquidations across the crypto market. Coinglass reported that over $86 million of leveraged positions were wiped out within four hours as traders scrambled to react to the sudden move.
However, the sell-off wasn’t limited to crypto, as traditional markets also faced pressure. According to an analysis from The Kobeissi Letter, the S&P 500 shed a staggering $3.5 trillion market value over two days.
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