Bitcoin prices have dropped sharply after China announced a 34% tariff on all goods imported from the US.
Additionally, Asian governments have added 11 American companies to their unreliable entities list, targeting drone manufacturers and other major players.
With the screws further tightened, China reportedly placed export restrictions on seven rare earth minerals important to US manufacturing. These include samarium, gadolinium and terbium. It is an element widely used in defense systems, electronics and renewable energy equipment.
The decision was set to come into effect on April 10, rattling global markets and slugging risk assets.
According to data from Encryptionthe flagship digital assets fell nearly 3% within an hour. Today, after peaking above $84,000, Bitcoin fell to $81,745 before recovering slightly to trade at $82,530.
The price decline has led to widespread liquidation across the crypto market. Coinglas reported that over $86 million in leveraged positions had been wiped out within four hours as traders scrambled to respond to sudden moves.
However, traditional markets also face pressure, so sales were not limited to crypto. According to an analysis of the Kobeissi letter, the S&P 500 has abandoned an astounding $3.5 trillion in two days.
