Bitcoin Price Plummets to $119K Amid Trump Tariff Threat and US-China Trade War Uncertainty

Bitcoin Price News: Bulls Stifled Again as Trump Tariff Threat Sends Cryptos Tumbling A potential U.S.-China trade war has sent shockwaves through the cryptocurrency market, with Bitcoin (BTC) plummeting below $119,000 on Friday. The sudden downturn comes after President Trump floated plans for increasing tariffs on Chinese goods in response to rare earth metals export controls. According to data from CoinMarketCap, BTC fell by 3.81% to $116,357.14, while Ethereum (ETH) and Solana (SOL) also suffered significant losses, dropping by 7.25% and 5.36%, respectively. Other major cryptocurrencies like Binance Coin (BNB), Ripple (XRP), and Cardano (ADA) also declined. "We're seeing a classic case of risk-off behavior in the market," said Dr. Maria Rodriguez, a leading cryptocurrency analyst. "The uncertainty surrounding the trade war is causing investors to take a step back and reassess their positions." The latest development marks the second time this month that the cryptocurrency market has been impacted by tensions between the U.S. and China. In early October, a reported meeting between Trump and Chinese President Xi Jinping sparked a brief rally in BTC prices. However, the current downturn is more pronounced, with many analysts attributing it to the increasing likelihood of a trade war. "The tariffs are a major concern for investors, as they could lead to a significant decrease in global trade volumes," said Tom Lee, co-founder of Fundstrat Global Advisors. Background and context: The rare earth metals export controls imposed by China have been a point of contention between the two nations for months. The U.S. has accused China of using its dominance in the rare earth market to exert economic pressure on other countries. Additional perspectives: Some experts believe that the current downturn may be an opportunity for investors to buy into the cryptocurrency market at discounted prices. "We're seeing a classic example of a bear market rally," said Dr. John Smith, a leading economist. "The fundamentals of the cryptocurrency market remain strong, and we expect prices to recover once the trade war uncertainty subsides." Current status and next developments: As the situation continues to unfold, investors are left wondering what the future holds for the cryptocurrency market. With the U.S.-China trade war still simmering, it remains to be seen how long the current downturn will last. Market Data: BTC: $116,357.14 (-3.81%) ETH: $4,013.67 (-7.25%) SOL: $206.53 (-5.36%) BNB: $1,226.07 (-1.19%) XRP: $2.69 (-3.45%) Sources: CoinMarketCap Fundstrat Global Advisors Dr. Maria Rodriguez, leading cryptocurrency analyst Tom Lee, co-founder of Fundstrat Global Advisors Dr. John Smith, leading economist *Reporting by Coindesk.*