Trump's High Tariff Plan Against China Dropped Bitcoin

Bitcoin Falls Below 119,000 Dollars

On Friday in the US, cryptocurrencies experienced a sharp decline following President Donald Trump's announcement of plans to impose high tariffs on Chinese-made products in response to export controls on rare earth metals.

Bitcoin dropped from 122,000 dollars to below 119,000 dollars, causing concern among investors. Other significant cryptocurrencies such as Ethereum and Solana also experienced similar declines.

Decline in Cryptocurrency-Related Stocks

The tariff news negatively impacted stocks associated with the crypto sector. Shares of Circle (-6%), Robinhood (-5%), and Coinbase (-5%) saw a drop in value. MicroStrategy also fell by approximately -3%.

These developments echoed in traditional markets as well. West Texas Intermediate (WTI) crude oil fell more than -4% to drop below 60 dollars, marking its lowest price since May. The S&P 500 and Nasdaq indices lost -1.6% and -1.3% respectively. Meanwhile, gold prices increased by over -1%, rising above 4,000 dollars per ounce, reaffirming gold's status as a safe-haven asset for investors.

In the last 24 hours, Bitcoin has lost approximately -2%, and in the past 4 days, it has seen a -6% decline. This sudden drop following the new peak of 126,000 dollars has caused concern among cryptocurrency investors.