Bitcoin plunged below $110,000 after Trump announced sweeping tariffs on China on Friday, reigniting fears of a broader trade and market sell-off.
US President Donald Trump announced a 100% tariff on China on Friday, sending the price of Bitcoin (BTC) reeling below $110,000 at this writing.
Trump said the tariffs were in response to China attempting to place export restrictions on rare earth minerals, which are crucial for creating computer chips. Trump wrote on Truth Social:
Trump’s first tariff announcements in April sent shockwaves through crypto markets and sparked fears of a recession.
