It’s deja vu again for Bitcoin Bulls as Monday’s rally to a highly triggered high, not fomo, but instead quick retreat. This retreat went up in a big way in the late morning in the United States Friday after trade war tensions between the US and China ratcheted higher.
US President Donald Trump said in a truth social post minutes ago that he is preparing a “massive increase” in tariffs on Chinese goods in response to China, which previously introduced export control on rare earth metals.
After the post, Bitcoin dropped under $ 119,000 from $ 122,000. Ether Solana And XRP each participated in the rapid decline.
The fall in crypto prices also weighs on shares tied to the sector. Circle (CRCL) fell over 6%. Robinhood (HOOD), which gets a large part of his trading activity from crypto, dropped 5%.
Coinbase (Coin) also throws 5%, while Microstracky (Mstr) glared approx. 3%.
The news also rippled across traditional markets. WTI -raw oil dropped almost 4% under $ 60, its weakest price since the beginning of May. S&P 500 and NASDAQ were 1.6% and 1.3% lower respectively.
Gold? It gathered more than 1% to support over $ 4,000 per year. Ounce, when the yellow metal again turned out itself, not Bitcoin, to be the chosen risk-off active for investors.
On the current $ 118,800, Bitcoin is lower by approx. 2% over the last 24 hours and approx. 6%since he hit a new record over $ 126,000 just four days ago.
