Bitcoin Rally Stalls Around $99,000, Ethereum, XRP Struggle As China Imposes Retaliatory Tariffs
Bitcoin (CRYPTO: BTC) is trading around $99,200 on Tuesday, following China’s announcement of retaliatory tariffs on certain U.S. goods.
What Happened: On Tuesday, China announced new tariffs on certain U.S. imports, marking a retaliatory response to recent U.S. trade measures. Beginning Feb. 10, China will impose:
- A 15% tariff on coal and liquefied natural gas
- A 10% tariff on crude oil, agricultural machinery and specific vehicle categories
Additionally, the Chinese Ministry of Commerce revealed new export restrictions on tungsten, tellurium, bismuth, molybdenum and indium, citing concerns over national security.
These critical materials play a key role in various industrial and technological applications.
China has strongly criticized the U.S. tariffs, stating: “The U.S.’ unilateral imposition of tariffs severely violates the rules of the World Trade Organization.”
Why It Matters: Bitcoin’s price fluctuations over the past two days reflect shifting investor sentiment tied to geopolitical events.
Geoffrey Kendrick, Head of Digital Assets Research at …
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