The ongoing trade war between the U.S. and China is once again shaking global markets, negatively impacting cryptocurrencies.
China Hits Back With Tariffs
On Tuesday, China responded to U.S. President Donald Trump's latest tariff hike by announcing a 15% duty on wheat, corn, cotton, and chicken imports from the U.S. Additionally, a 10% tax was placed on key agricultural products like soybeans, pork, seafood, and vegetables, set to take effect on March 10.
Crypto Market in Freefall
The crypto market reacted negatively to the trade tensions, with major tokens erasing recent gains. Bitcoin (BTC) dropped 2%, trading around $84,200, while Ethereum (ETH) fell 12%, hovering just above $2,000, its lowest level since 2023. Cardano (ADA), Solana (SOL), and XRP also saw sharp losses, each tumbling over 20%.
What's Next?
With uncertainty looming, all eyes are now on Friday’s White House Crypto Summit, where investors hope for clearer regulations or supportive measures. Depending on the outcome, the market could either stabilize or face further turbulence.
The trade war is adding more uncertainty, leaving crypto investors on edge as they navigate growing economic tensions.
