The ongoing trade war between the U.S. and China is once again shaking global markets, with cryptocurrencies also feeling the impact. As fresh tariffs are imposed, investors pull back from riskier assets, causing a sharp decline in major cryptocurrencies.
China Hits Back With Tariffs
On Tuesday, China responded to the latest U.S. tariff hike by announcing a 15% duty on wheat, corn, cotton, and chicken imports from the U.S., as well as a 10% tax on key agricultural products like soybeans, pork, seafood, and vegetables, effective from 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%, 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 on Friday’s White House Crypto Summit, where investors hope for clearer regulations. Depending on the outcome, the market could either stabilize or face further turbulence.
The trade war adds complexity for crypto investors as they navigate growing economic tensions.
