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Cryptocurrency News Articles

Bitcoin Fails to Stay Above $100000, Falls 2% as US-China Trade Tensions Escalate

Feb 05, 2025 at 04:01 pm

Bitcoin continued to decline on Wednesday, failing to stay above the key level of $100,000, as escalating trade tensions between the US and China keep investors cautious.

Bitcoin Fails to Stay Above $100000, Falls 2% as US-China Trade Tensions Escalate

Bitcoin dropped on Wednesday, failing to hold above the key level of $100,000 as escalating trade tensions between the United States and China kept investors on edge.

Bitcoin was down 1.8% at $97,601.8 by 01:45 ET (06:55 GMT). The cryptocurrency briefly topped $100,000 two days ago but failed to gain a foothold at that level as trade frictions between Washington and Beijing worsened.

The latest escalation came after the United States slapped 10% tariffs on Chinese imports, citing national security concerns. China, in turn, imposed counter tariffs on American goods, including liquefied natural gas, coal, oil and agricultural machinery.

The worsening trade spat has made investors more cautious, sparking volatility in markets. For instance, gold prices hit record highs as traders rushed into safe-haven assets amid the uncertainty. Bitcoin’s failure to gain a foothold above $100,000 reflected the broader trend of traders shunning riskier assets.

Meanwhile, the U.S. Securities and Exchange Commission was downsizing its cryptocurrency regulation unit, reassigning lawyers to other agencies as part of the Trump administration's drive to reduce oversight of the digital currency market.

Any reduction in SEC regulatory oversight could bode well for bitcoin. However, broader macroeconomic challenges, including the escalating trade dispute between the world's two largest economies, overshadowed that potential driver.

Most altcoins showed little movement, trading in a narrow range, suggesting that investors were treading carefully with speculative assets.

Ether, the second-largest cryptocurrency by market cap, rose 0.5% to $2,741.53, while XRP, which is ranked third, slipped 1.1% to $2.4957. Solana lost 0.7%, while Polygon was nearly flat and Cardano edged down 0.3%. Among meme tokens, Dogecoin remained flat.

Bitcoin and other major cryptocurrencies rose on Tuesday as markets reacted positively to U.S. President Donald Trump’s decision to hold off on imposing new tariffs on Canada and Mexico.

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