Bitcoin Plunges as TrumpS China Remarks Spark Market Turmoil
Bitcoin’s price took a nosedive on Friday, dipping below $119,000. This drop came as stocks and the crypto market reacted to President Donald Trump’s comments about China.
The Dow Jones fell by more than 500 points, reflecting a broader market downturn. Bitcoin, which had earlier reached $122,000, saw its value plummet as the stock market reacted to Trump’s criticism of China’s stance on rare-earth metals.
What exactly did Trump say? On friday, he posted on Truth Social about China’s alleged threats to impose export controls on rare earths. He also hinted at canceling a planned meeting with China’s president Xi Jinping.
- trump accused China of sending letters to countries threatening export controls.
- He suggested the U.S. has a stronger position in trade.
- trump mentioned an upcoming meeting with Xi Jinping, which he now considers unnecessary.
As the Dow Jones tumbled, Bitcoin fell over 2% to nearly $118,560. The cryptocurrency’s trading volume rose by 13%,reaching over $74 billion. With the potential for a new U.S.-China trade war, Bitcoin’s price may face further downward pressure.
