Market Update: Bitcoin and Nasdaq Futures React to China’s Tariff Imposition
During the early hours of trading in Asia on Tuesday, both Bitcoin (BTC) and Nasdaq futures experienced renewed selling pressure. This shift came in response to China’s announcement of retaliatory tariffs against the United States. Specifically, Beijing has decided to implement a 15% duty on U.S. coal and liquefied natural gas (LNG), alongside a 10% tax on crude oil, agricultural machinery, pickup trucks, and large-engine vehicles.
This significant move was made after U.S. President Donald Trump recently enforced new 10% tariffs on Chinese imports, escalating trade tensions between the two economic giants.
In a notable twist, on Monday, Trump had agreed to a temporary 30-day pause on tariff threats against Mexico and Canada, providing a brief sense of relief to market participants and allowing Bitcoin to stage an impressive recovery. The cryptocurrency rallied from a low near $92,000 to over $102,000, fueled by hopes that the ongoing trade war might soon deescalate.
However, with China’s latest actions, optimism has been dampened, resulting in Bitcoin’s price retracing to approximately $98,500 at the time of this report. Concurrently, Nasdaq futures have declined by 0.6%, while the U.S. dollar index is attracting safe-haven bids as investors seek stability amidst the heightened uncertainty.
