Bitcoin has dropped to the $80,000 level. This is interpreted as being influenced by concerns over the escalation of the tariff war between the United States and China.
As of 8:54 AM on the 10th, Bitcoin recorded $87,04.04, down 14.47% compared to the previous trading day (24 hours ago). Ethereum also fell 20.03%, while Ripple and Solana dropped 27.52% and 29.22%, respectively.
On the 6th of this month, news broke that U.S. President Donald Trump had signed an executive order to strategically stockpile virtual assets such as Bitcoin. Then, on the 7th, at the 'Digital Asset Summit' event, President Trump also announced plans for full-scale support of the cryptocurrency industry.
Bitcoin rebounded on this news but soon switched to a downward trend. This was because there were no new announcements beyond the expected content.
In addition, the market views recent U.S. tariff policies and retaliatory tariffs from counterpart countries as expanding uncertainty in the virtual asset market, driving prices down.
Recently, China began imposing a second round of retaliatory tariffs on U.S. agricultural and livestock products starting at midnight on the 10th, in response to the U.S.'s '10+10% tariff increase.' The U.S.-China tariff war has reoccurred less than two months after the launch of the Trump 2.0 administration.
In particular, since President Trump has pledged a '60% tariff against China' during the election campaign, concerns are emerging that disputes between the two countries could further escalate in the future.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
