Cryptocurrency Markets React to Global Trade Tensions
The cryptocurrency market experienced significant volatility last week, with Bitcoin’s price dropping to $102,000 on Friday. This fluctuation coincided with the announcement of new tariffs by the U.S. President, impacting global trade relations.
U.S. Tariffs and Market Impact
On Friday, the U.S. President declared a 100% tariff on goods from China. This statement appears to have contributed to Bitcoin’s price falling below $110,000.
The President’s office indicated that these tariffs were a response to China’s alleged attempts to restrict exports of rare earth minerals. These minerals are vital components in the manufacturing of computer chips.
Presidential Statements on Trade
In a public statement, the U.S. President commented on China’s trade posture. He noted that China had reportedly communicated to the international community its intention to implement widespread export controls on a wide range of its products, effective November 1, 2025. This development, he suggested, represented an “extraordinarily aggressive position on Trade.”
Data Breach Affects Crypto Platform
Adding to the week’s notable events, the crypto betting platform Shuffle announced a user data breach. Further details about the extent and implications of this breach are still emerging.
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