Bitcoin Dips 2.5% Amid China’s Tariffs and Google’s Antitrust Moves

Bitcoin dipped 2.5% to $98,500 amid heightened tensions from China's retaliatory tariffs against the U.S. and an antitrust probe into Google.

In the early hours of trading on Tuesday, Bitcoin (BTC) faced a notable decline of 2.5% as selling pressure intensified across markets in Asia.

This downturn coincided with China’s announcement of retaliatory tariffs against the United States.

China’s Retaliatory Measures

In a related move, Chinese authorities launched an antitrust investigation into Google, simultaneously designating clothing manufacturer PVH Corp and biotech firm Illumina as unreliable entities.

Beijing’s new tariffs impose a 15% duty on U.S. coal and liquefied natural gas (LNG) and a 10% tariff on a range of products including crude oil, agricultural machinery, pickup trucks, and vehicles with large engines.

This action comes as a countermeasure to U.S. President Donald Trump’s implementation of fresh 10% tariffs on Chinese goods.

Impact on Bitcoin and Market Sentiment

Prior to China’s latest steps, Bitcoin had briefly rallied.

Trump’s announcement of a 30-day suspension on tariffs against Canada and Mexico had invigorated investor optimism, propelling Bitcoin’s price from around $92,000 to over $102,000 as hopes for a resolution to the trade conflict rose.

However, the latest developments from China have tempered that enthusiasm, causing Bitcoin to retreat to $98,500 at the time of this report.

Nasdaq futures were similarly affected, dropping by 0.6%, while the dollar index gained strength as investors sought refuge in safe-haven assets.

Source: Coindesk