The leading cryptocurrency, Bitcoin, is continuing its downward trend due to concerns over an escalation in the tariff war between the United States and China.
Major cryptocurrencies are continuing their downward trend on Monday due to concerns over an escalation in the tariff war between the United States and China.
Bitcoin, the leading cryptocurrency, is trading at $80,376, down 6.92% compared to 24 hours ago, according to global coin market tracking site CoinMarketCap as of 8 a.m.
At the same time, Ethereum, the second-largest by market capitalization, is trading at $2,018, down 8.50%, while Ripple has decreased by 8.35% to $2.14.
The significant decline in major cryptocurrencies follows the results of the first crypto summit held at the White House on the 7th (local time), which did not meet market expectations.
The summit did not unveil any additional information beyond what had already been anticipated, including the declaration of Bitcoin as a strategic reserve asset, the abolition of ChokePoint 2.0, and a request for a stablecoin bill.
Meanwhile, China has announced a second round of retaliatory tariffs on U.S. agricultural and livestock products in response to the Biden administration's "10+10% tariff increase."
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