U.S. President Donald Trump announced via social media that he plans to impose an additional 100% tariff on Chinese goods, triggering strong reactions following Beijing’s new export controls on rare earth minerals.
Following the announcement, the cryptocurrency market experienced an immediate shock: within an hour, billions of dollars in value were wiped out, with steep declines across Bitcoin, Ethereum, and other altcoins.
Bitcoin, which had been trading above $120,000, plunged to around $104,000 — making global headlines. Ethereum and other alternative coins saw drops of between 7% and 11% compared to the previous day, Reuters reported.
Trump also indicated that his planned meeting with Chinese President Xi Jinping may not take place, accusing China of “hostile behavior” and of using strategic minerals as a tool of pressure.
