Bitcoin, the world’s largest cryptocurrency by market value, fell sharply on Friday after US President Donald Trump escalated the trade conflict with China.
Trump announced an increase in tariffs on Chinese exports to the US to 100% and the introduction of export controls on “all critical software”. The decision is in response to China’s restrictions on the export of rare earth metals, which are crucial for technological and industrial production.
Earlier on Friday, Bitcoin weakened to around $117,000 after Trump’s morning comments and quickly fell below $110,000, a 12% drop in the last 24 hours. According to CoinGlass, traders who were betting on price growth suffered more than $7 billion in liquidations.