Bitcoin Drops 8% After Trump Escalates Trade War with China

Bitcoin, the world’s biggest cryptocurrency by market capitalisation, extended its losses on Friday following fresh tensions in the US–China trade dispute.

President Donald Trump announced a sharp escalation in trade measures, saying tariffs on Chinese exports to the United States would rise to 100%. He also introduced export restrictions on «any and all critical software» in response to Beijing’s recent limits on the export of rare earth minerals vital to technology and manufacturing sectors.

The announcement unsettled global investors, with the benchmark S&P 500 Index sliding more than 2% as traders reacted to fears of a renewed trade war between the world’s two largest economies.

Bitcoin dropped 8.4% to $104,782 as of 17:20 ET (21:20 GMT), while Ethereum, the second-largest cryptocurrency, fell 5.8% to $3,637 a minute later.

Kursiv also reports that Solana is rapidly emerging as the next major player in corporate crypto adoption, following the lead of Bitcoin and Ethereum treasury models that have fuelled stock rallies and institutional investment