Cryptos Drop Amid U.S.-China Tariff Dispute; Bitcoin at $82K

 

 

 

 

The cryptocurrency market is on a downward trend due to concerns over the escalating tariff conflict between the United States and China. The prices of major cryptocurrencies have generally declined, increasing investor anxiety.

According to cryptocurrency information platform CoinGecko, as of 1 PM Eastern Time on the 9th, Bitcoin was trading at $82,401, down 4.2% from 24 hours earlier. At the same time, Ethereum had dropped 6.2% to $2,051, while Ripple and Solana had fallen by 8.3% and 5.9%, respectively.

Bitcoin had surged to the $92,000 range on the 6th but has been on a continuous decline since then. Experts analyze that the intensifying trade dispute between the U.S. and China has weakened investor sentiment, negatively impacting the cryptocurrency market. As China imposes retaliatory tariffs on U.S. agricultural products, concerns are rising that the tariff war could be prolonged.

President Trump signed an executive order on the 6th to strategically stockpile cryptocurrency and expressed support for the digital asset industry at the "Digital Asset Summit" held on the 7th. However, the government's announcement that it would not directly purchase cryptocurrency dampened market expectations, limiting Bitcoin's upward momentum.

Meanwhile, cryptocurrency market research firm IntoTheBlock stated in a recent report that the U.S.-China trade conflict is diverting attention away from the cryptocurrency market, further deteriorating investor sentiment. Cryptocurrency expert Noelle Acheson also noted, "Despite the announcement of Bitcoin's strategic stockpiling, the market remains more focused on macroeconomic concerns."

On the other hand, CoinDesk highlighted that when Bitcoin dropped below the 200-day moving average on the 28th of last month and the 2nd of this month, buying pressure from bargain hunters led to a rebound. It suggested that a similar pattern could emerge during the current downturn.

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Cryptos Drop Amid U.S.-China Tariff Dispute; Bitcoin at $82K