U.S. Cuts Tariffs on China: Can Bitcoin Bounce from the Sub-$108K Dump?
The presidents of the two most powerful economies in the world met in South Korea earlier today, which resulted in several tariff reductions on China.
US President Donald Trump outlined the decisions made after the meeting, including an overall tariff cut from 57% to 47%. Some products, such as fentanyl, were dropped to 10%.
Both countries will also collaborate on the war between Russia and Ukraine, while China agreed to discuss chip restrictions with Nvidia. The POTUS further revealed a 1-year agreement with Beijing on rare earth supplies, and said he will head to China in April 2026.
The trade negotiations between the two nations have severely impacted BTC’s price in the past. Recall the events that transpired when Trump announced a new set of tariffs on October 10 and bitcoin’s immediate plunge from over $121,000 to under $110,000 on most exchanges.
Earlier today, the asset had dumped below $108,000 for the first time in a week, which was rather surprising given the Fed’s rate cut announced yesterday. Nevertheless, BTC bounced off to over $110,000 as of press time when the US-China deal news went live.
Still, BTC’s plunge on a daily scale has liquidated more than $360 million in bitcoin-related longs, while the overall wrecked positions across the entire market are worth over $800 million, according to CoinGlass.
BTCUSD. Source: TradingView
The post U.S. Cuts Tariffs on China: Can Bitcoin Bounce from the Sub-$108K Dump? appeared first on CryptoPotato.
You May Also Like
Qatar wealth fund commits $25bn to Goldman investments
Positive view remains intact above 185.00, with bullish RSI momentum
