This is the Deja VU in full again for the Bitcoin Bulls as Monday’s rally to an all-time highly triggered not Fomo, but rather quickly retreats. That recession emerged in a huge way in the late morning of US action on Friday after the tension in the trade war between the US and China that was ratcheted higher.
US president says Donald Trump in a Fact in society post Minutes ago he was preparing a “massive increase” on tariffs on Chinese goods in response to China earlier imposing export controls on rare metal soil.
Following the post, bitcoin dropped below $ 119,000 from $ 122,000. Ether Solana And the XRP each joins the quick decline.
The collapse of crypto prices also weighs on stocks tied to the sector. Circle (CRCL) fell to 6%. Robinhood (hood), which gets a large portion of its trading activity from the crypto, refused 5%.
Coinbase (coin) also poured 5%, while microstrategy (MSTR) slipped about 3%.
The news was rippled throughout the traditional market, also. WTI crude oil has dropped almost 4% below $ 60, its weakest price since early May. S&P 500 and Nasdaq are 1.6% and 1.3% lower, respectively.
Gold? It rallyed more than 1% to back more than $ 4,000 per ounce because the yellow metal re-presented itself, not the bitcoin, to be a risk-off asset selected for investors.
In the current $ 118,800, Bitcoin is less than 2% in the past 24 hours and about 6% from hitting a new note above just $ 126,000 four days ago.
