Bitcoin extends decline to US$104,782 as Trump escalates US-China trade war
Bitcoin, the world’s largest cryptocurrency by market value, extended declines on Friday (Oct 10) after US President Donald Trump escalated his trade conflict with China.
Trump on Friday said he was raising tariffs on Chinese exports to the US to 100 per cent and imposing export controls on “any and all critical software” in a reprisal to recently announced export limits by China on rare earth minerals critical to tech and other manufacturing.
The spat shook global financial markets, sending the benchmark S&P 500 Index sliding by more than 2 per cent.
Bitcoin was last down 8.4 per cent at $104,782 as of 17:20 ET (2120 GMT).
Ethereum, the world’s second-largest cryptocurrency, fell 5.8 per cent to US$3637 at 17:21 ET. REUTERS
Originally published by businesstimes.com.sg. Syndicated material does not necessarily reflect the views of Grazia British.
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