Bitcoin’s price recently took a hit following comments from U.S. President Donald Trump, who threatened China with additional tariffs. The President articulated that Beijing has become “very hostile” and implied ongoing distrust towards their negotiations. Trump’s remarks included:

1. China is becoming very hostile and controlling rare earths.
2. Always felt that China is lying, and now, as usual, I have been proven right.
3. China is holding the world captive in a dominating position.
4. There is a potential for a significant rise in tariffs on Chinese goods.

Despite previous announcements of such tariffs not greatly affecting the market, the immediate fallout this time was pronounced, with Bitcoin dropping rapidly from approximately $121,300 to a low of around $109,000.

Ethereum and several other cryptocurrencies also faced declines, with many altcoins experiencing double-digit losses. With the total liquidated positions reaching $250 million within an hour, and almost $600 million over the day, it is evident that traders are feeling the strain.

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