Bitcoin Plummets as Global Trade Tensions Escalate
Bitcoin’s value experienced a significant downturn on Friday, dropping below the $110,000 mark and reaching as low as $102,000. This decrease coincided with heightened geopolitical tensions, particularly a new trade announcement from the United States.
Tariffs and Market Reaction
US President Donald Trump declared a 100% tariff on goods from China. This move, according to the President, is a direct response to China’s alleged attempts to restrict the export of rare earth minerals.
Rare earth minerals are critical components in the manufacturing of various high-tech products, including computer chips. The announcement sparked concerns about potential disruptions to global supply chains and economic stability.
Trump’s Statement on Trade
In a public statement on Truth Social, President Trump highlighted China’s asserted aggressive stance on trade. He referenced a letter from China to the international community, indicating that large-scale export controls would be imposed on nearly all manufactured products, effective November 1, 2025. This declaration appears to have fueled market volatility.
Crypto Betting Platform Suffers Data Breach
Adding to the week’s crypto news, the betting platform Shuffle announced a user data breach. This incident further underscores the ongoing security challenges within the digital asset space.
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