Bitcoin Magazine Bitcoin Price Sinks to $118,000 Amid U.S.-China Trade Tensions

The bitcoin price dropped to the $118,000s range today after President Trump announced plans to raise tariffs on Chinese goods in response to China’s export controls on rare earth metals.

Bitcoin price is down roughly 2.3% in the past 24 hours and about 6% since reaching a record high above $126,000 just four days ago.

President Trump threatened a “massive” increase in tariffs on Chinese goods, signaling a sharp escalation in the U.S.-China trade tensions and casting doubt on a planned APEC meeting with President Xi. This came after China imposed new limits on rare earth and related technology trade.

“I was to meet President Xi in two weeks, at APEC, in South Korea, but now there seems to be no reason to do

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