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2.94%Bitcoin Slips Below $104K, Cryptos Slide as U.S.-China Tariff Tensions Flare Up
The crypto market wobbled after Trump accused China of violating a tariff truce.
What to know:
- Markets turned down on Friday due to renewed concerns over U.S.-China trade tensions flaring up.
- Bitcoin fell 2.1% below $104,000, while the CoinDesk 20 index declined 4.2%.
- Smart contract platforms and crypto stocks experienced significant declines, with Bitdeer down 8.3%.
Markets went red on Friday on renewed tariff-related apprehensions.
Bitcoin
is down 2.1% in the last 24 hours, trading just above $104,000 after briefly hitting a session low of $103,900. The CoinDesk 20 — an index of the top 20 cryptocurrencies by market capitalization, except for stablecoins, memecoins and exchange coins — slumped even further, by 4.2%.STORY CONTINUES BELOW
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Smart contract platforms were particularly affected, with solana
, sui and avalanche losing 6.3%, 7.8% and 7.3% respectively.Crypto stocks also took a hit, especially bitcoin mining firm Bitdeer (BTDR), down 8.3% on the day after a run-up that saw the stock rise 132% from April 16 to May 21. Strategy (MSTR) slid 2.7%, and Coinbase (COIN) 1.3%.
The bleeding wasn’t contained to crypto. The S&P 500 and Nasdaq are down 1% and 1.5% respectively, while gold lost 0.7%.
U.S.-China tariff clash: Round 2?
Behind the price action was the flare-up of U.S. trade tensions once again after an agreement was struck earlier this month. The concerns came after President Donald Trump accused China in a post on Truth Social of "violating" the tariff truce between the countries.
Meanwhile, Treasury Secretary Scott Bessent said in a Fox News interview that talks had "stalled" with the Chinese representatives.
China, in response, urged the U.S. to "immediately correct its erroneous actions, cease discriminatory restrictions," BBC reported.
The cool-off between U.S. and China helped risk assets rally in May, providing a tailwind for BTC to clinch a new record high. The re-escalation now threatens to unwind some of those gains.
Read more: Bitcoin Whales Seem to Be Calling a Top as BTC Price Consolidates
Tom Carreras
Tom writes about markets, bitcoin mining and crypto adoption in Latin America. He has a bachelor's degree in English literature from McGill University, and can usually be found in Costa Rica. He holds BTC above CoinDesk's disclosure threshold of $1,000.
Krisztian Sandor
Krisztian Sandor is a U.S. markets reporter focusing on stablecoins, tokenization, real-world assets. He graduated from New York University's business and economic reporting program before joining CoinDesk. He holds BTC, SOL and ETH.
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