Bitcoin Tumbles As Trump Reignites China Trade Tensions
Cryptocurrency markets declined following President Trump's renewed criticism of China's trade practices and threats of economic retaliation.
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Cryptocurrency markets experienced significant volatility on Tuesday after President Trump accused China of committing an 'Economically Hostile Act' by refusing to purchase U.S. soybeans. Bitcoin dropped to $110,029.49 with trading volume surging 33%, indicating intense selling pressure. Ethereum briefly fell below $3,900 before recovering, while XRP and Dogecoin also suffered sharp declines.
The global crypto market cap contracted 2.74% to $3.84 trillion. Liquidations reached $690 million in 24 hours, with long positions bearing the brunt.
Analyst Ali Martinez warned that Bitcoin must reclaim $119,000 to maintain bullish momentum, otherwise risking a correction to $96,530. Traditional markets also struggled, with the Nasdaq closing down 2.21%. Despite the downturn, some altcoins like Doge Killer surged over 900%, highlighting ongoing market volatility.
Original Article
benzinga.comhttps://www.benzinga.com/crypto/cryptocurrency/25/10/48216297/bitcoin-tumbles-as-trump-reignites-china-trade-tensions-ethereum-xrp-dogecoin-fall-analyst-