The cryptocurrency market plunged again on Friday and Saturday. The price of Bitcoin fell by almost 10%, from 105,500 to 95,000 euros. Ethereum, XRP and BNB are down over 15%. This wave of losses comes after Donald Trump relaunched his trade offensive against China. He announced that the United States will impose a 100% tariff on all Chinese imports from November 1, in addition to those already in force until now. And this, in retaliation against restrictions decided by Beijing in the very strategic rare earth sector.
Cryptocurrencies are not the only stocks that fell after the announcement. More broadly, the New York Stock Exchange closed squarely in the red: the Dow Jones slipped 1.90%, the Nasdaq index fell 3.56% and the broader S&P 500 index dropped 2.71%, erasing all its gains from the last two weeks.
Investors are recovering their stakes as a new trade confrontation could disrupt the global production of technologies, notably blockchain, the infrastructure of cryptocurrencies.
