US-China Trade Tensions Halt as Crypto Market Sees $680M in Liquidations
The post US-China Trade Tensions Halt as Crypto Market Sees $680M in Liquidations appeared on BitcoinEthereumNews.com. TLDR US Treasury Secretary Scott Bessent stated that US-China trade talks have “stalled” US Appeals Court reinstated Trump’s “reciprocal tariffs” after they were initially struck down Altcoins like Ethereum, XRP, and Dogecoin corrected 3-8% amid trade war uncertainty The crypto market saw $680 million in liquidations in 24 hours Bitcoin reached a new all-time high above $111,000 but has since dropped to around $107,000 The renewed threat of escalating trade tensions between the United States and China has sent ripples through the cryptocurrency market, with altcoins bearing the brunt of the correction. US Treasury Secretary Scott Bessent confirmed that trade talks between the world’s two largest economies have hit a roadblock, describing negotiations as “stalled” during a recent interview with Fox Business. The pause in progress comes after earlier signs of easing tensions this month. Bessent had visited Switzerland for discussions with Chinese officials, which had led to both nations stepping back from imposing tariffs exceeding 100% on each other’s goods. Despite the current impasse, Bessent expressed confidence that further negotiations with Chinese representatives would resume “in the next few weeks.” Adding to market uncertainty, a US Appeals Court has reinstated former President Donald Trump’s “reciprocal tariffs” just one day after they were struck down by the US Court of International Trade, which had cited an overreach of presidential power. This legal back-and-forth has reintroduced volatility to global markets, as the decision could potentially be appealed to the US Supreme Court. Crypto Market Reaction The resurgence of US-China trade war concerns has had an immediate impact on cryptocurrency prices. Ethereum (ETH) dropped 3%, falling below the $2,700 mark and erasing its weekly gains. Other altcoins experienced even steeper declines, with Cardano (ADA), Sui (SUI), and XRP correcting between 3-5%. Dogecoin (DOGE) was among the hardest hit, plummeting more than 8%.…
The post US-China Trade Tensions Halt as Crypto Market Sees $680M in Liquidations appeared on BitcoinEthereumNews.com.
TLDR US Treasury Secretary Scott Bessent stated that US-China trade talks have “stalled” US Appeals Court reinstated Trump’s “reciprocal tariffs” after they were initially struck down Altcoins like Ethereum, XRP, and Dogecoin corrected 3-8% amid trade war uncertainty The crypto market saw $680 million in liquidations in 24 hours Bitcoin reached a new all-time high above $111,000 but has since dropped to around $107,000 The renewed threat of escalating trade tensions between the United States and China has sent ripples through the cryptocurrency market, with altcoins bearing the brunt of the correction. US Treasury Secretary Scott Bessent confirmed that trade talks between the world’s two largest economies have hit a roadblock, describing negotiations as “stalled” during a recent interview with Fox Business. The pause in progress comes after earlier signs of easing tensions this month. Bessent had visited Switzerland for discussions with Chinese officials, which had led to both nations stepping back from imposing tariffs exceeding 100% on each other’s goods. Despite the current impasse, Bessent expressed confidence that further negotiations with Chinese representatives would resume “in the next few weeks.” Adding to market uncertainty, a US Appeals Court has reinstated former President Donald Trump’s “reciprocal tariffs” just one day after they were struck down by the US Court of International Trade, which had cited an overreach of presidential power. This legal back-and-forth has reintroduced volatility to global markets, as the decision could potentially be appealed to the US Supreme Court. Crypto Market Reaction The resurgence of US-China trade war concerns has had an immediate impact on cryptocurrency prices. Ethereum (ETH) dropped 3%, falling below the $2,700 mark and erasing its weekly gains. Other altcoins experienced even steeper declines, with Cardano (ADA), Sui (SUI), and XRP correcting between 3-5%. Dogecoin (DOGE) was among the hardest hit, plummeting more than 8%.…
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