The price of Bitcoin (BTC) has been experiencing wild fluctuations on a daily basis. Last Monday, BTC hit a new all-time high of over $126,000. on Friday of the same week Bitcoin reaches up to $102,000 on some exchanges. And as of this writing, it’s trading for around $114,000.
The following chart provided by TradingView shows the movement of BTC over the past 7 days.
Similarly, some cryptocurrencies are “turning green” and recovering after a crash. Ether (ETH), the cryptocurrency of the Ethereum network, has surpassed $4,000, rebounding 7.2% in the past 24 hours.
Among the top 100 market caps, DASH, Mantle (MNT), and Bitso (TAO) stood out, with gains of 35%, 26%, and 20% on the previous day.
“Investors are keeping an eye on some important news coming out of China,” said analysts at Kobeisi Letter. They elaborate that “the entire Oct. 10 tariff reduction may simply have been a major misunderstanding between President Trump and President Xi Jinping (the presidents of the United States and China, respectively).”
News about China’s rare earth export restrictions broke at 8:30 a.m. ET on October 9, 26 hours before President Trump posted about it. The incident didn’t make the news until President Trump posted it the next day. Last night, China issued a statement clarifying its rare earth “export restrictions.” In response, China said the new regulations do not completely ban exports and that applications that are “compliant with the regulations” will be approved. Our view was that President Trump’s announcement of 100% tariffs was a bargaining chip during Friday’s market selloff.
Economic newsletter “Kobeissi Letter”.
Therefore, if this theory is true, It is very unlikely that the US will impose 100% tariffs on imports from China..
As reported by CriptoNoticias, fears of a new chapter in the tariff war caused the price of BTC and cryptocurrencies to plummet, giving those who knew about them and could take advantage of them the opportunity to buy at lower prices.
