Unleash Explosive Gains: Mastering Market Turbulence Amidst Unpredictable Trade Wars
news
1 min read
Bitcoin Price Swings as US-China Trade War Escalates with New Tariffs
The ongoing US-China trade war has taken another turn as China slapped a 10% tariff on US crude oil and agricultural machinery, along with a 15% tariff on coal and LNG. This sudden escalation in tensions has caused a ripple effect across the crypto market, leading to Bitcoin price swings that have left many investors reeling.
The initial reaction to the news saw a sharp downturn in the cryptocurrency’s value as traders panicked and dumped their holdings. However, a closer examination of the numbers reveals that this reaction was somewhat exaggerated.
China Oil and LNG Imports
In fact, China’s reliance on US imports in these sectors is relatively limited. According to data, China only imports 6% of its LNG from the USA—4 million tons versus the 87 million tons exported globally in 2024. Similarly, the impact of the tariffs on agricultural equipment appears small.
Crypto traders are now divided over the potential long-term effects of this trade war escalation. Some analysts believe that the market could continue to be volatile, with some even predicting a further drop to as low as $90,000 or potentially lower.
Others, however, remain optimistic about Bitcoin’s prospects, pointing out its historical role as a hedge against inflationary pressures and economic uncertainty.
Source: coinchapter.com
