04.02.2025 10:35
China's implementation of new tariffs on U.S. products and the investigation opened against Google have impacted Bitcoin and Nasdaq. As the trade war between the world's two largest economies continues to escalate, Bitcoin and other cryptocurrencies have started to lose value again.
The retaliatory tariffs imposed by China on the U.S. and the antitrust investigation initiated against Google have negatively impacted the cryptocurrency and stock markets. Bitcoin and Nasdaq futures have lost value following these developments.
Bitcoin Shaken by China's Move Against the U.S.
The Chinese government announced its decision to retaliate against the U.S.'s new 10% customs duty move. The Beijing administration stated that it would impose an additional 15% tax on American coal and liquefied natural gas (LNG) imports, and a 10% tax on crude oil and certain heavy vehicles. Additionally, China's initiation of an antitrust investigation against Google and its inclusion of various American companies on the unreliable firms list has escalated tensions to a different level.
The developments have deeply affected the cryptocurrency markets and futures exchanges. Bitcoin had risen from $92,000 to $102,000 after U.S. President Donald Trump suspended tariff threats against Mexico and Canada for 30 days. However, China's retaliatory actions have caused the leading cryptocurrency's value to decline to $98,500.
As trading continues in Asian markets, the dollar index has risen due to the influence of investors seeking safe havens. This situation has led to a 0.6% loss in Nasdaq futures. Experts point out that the optimistic expectations for a quick resolution to the trade war between the two countries have weakened with the latest developments.