Early Tuesday, cryptocurrencies fell after China announced retaliatory actions against the U.S. including an investigation into Google as well as new taxes on American products.
Crypto still feels the effects of the recent global market crash that has seen over $2.2 billion Investors’ uncertainty caused by tariffs in the U.S. has led to a rise in liquidations.
The top 10 cryptos excluding stablecoins have reacted negatively to the news with Dogecoin leading losses, down 5.8%, followed by XRP's 5.1% decline.
CoinGecko’s data indicates that Bitcoin has shown relative stability, with a drop of just 1.3% at $98,934.
This report is based on Asia-related news, such as the South China Morning Post. The following is a list of the most recent and relevant articles. Beijing has announced tariffs of between 10% to 15% on U.S. imports.
Bloomberg Further reported Beijing is imposing 15% tariffs on imports of coal and natural gas liquefied, along with 10% duties on agricultural and oil equipment imported from the United States, starting immediately.
NASDAQ 100 futures has also experienced immediate reactions. They have dropped 1.7% in the last 8 hours, before U.S. stock markets open.
According to the Reuters, by late afternoon, prices had recovered a little but still remained 1.2% lower for the entire day. Yahoo Finance provides the following data.
Commodities have been under pressure for a while now. Natural gas has dropped by 2 percent and crude oil by 1.74 percent. Copper is the only commodity to show a small increase of 0.35%.
China's State Administration for Market Regulation has also launched an antitrust investigation into Google moments after U.S. tariffs took effect, according to a separate Reportage Bloomberg.
The story will continue to develop and be updated as necessary.
Sebastian Sinclair edited the book