NEW YORK – Bitcoin, the world’s biggest cryptocurrency, dropped 8.4% on Friday after US President Donald Trump intensified his trade fight with China.
Trump announced 100% tariffs on Chinese exports to the US and new export controls on “critical software,” following China’s limits on rare earth exports used in tech and manufacturing.
Read More: Crypto Markets Rattle as Trump Hits China Hard
The move caused global markets to fall sharply — the S&P 500 index slid more than 2%.
Bitcoin was trading at $104,782 as of 5:20 PM ET (9:20 PM GMT), while Ethereum, the second-largest cryptocurrency, was down 5.8% at $3,637.
Analysts said rising trade tensions and market uncertainty pushed investors to reduce risky assets, including cryptocurrencies.