Bitcoin, the best-known and most traded cryptocurrency on the market, reduced its losses on Tuesday afternoon after falling more than 5% amid rising trade tensions between the United States and China.
At 3:37 p.m. local time (1:37 p.m. GMT), Bitcoin fell to a session low of $109,978, down 5.04% from Monday’s close of $115,818.
At 6:00 p.m. (4:00 p.m. GMT), Bitcoin was down 2.73% and trading at $112,622.
Last Friday, the cryptocurrency market already fell sharply after US President Donald Trump said he saw no reason to meet with his Chinese counterpart, Xi Jinping, and threatened a “massive increase” in tariffs on products from the Asian giant.
On Friday alone, Bitcoin closed with a decline of 5.64%, and on Saturday it fell another 3.45%. During those days, it hit a low of $105,000.
After stabilizing during Sunday and Monday’s sessions, the cryptocurrency returned to negative territory on Tuesday after reciprocal port tariffs between China and the United States came into effect.
Specifically, the United States applies a surcharge of $50 per net ton to Chinese ships, while Beijing imposes equivalent tariffs on ships owned, operated, or flagged in the United States.
In this way, Bitcoin is moving away from the historic highs it reached on the 6th, when it was trading above $126,000.
Meanwhile, the second most traded cryptocurrency on the market, Ethereum, fell to a session low of $3,893.12 at 12:30 p.m. (10:30 GMT), down 9.27% from Monday’s close ($4,291.068).
At 6:00 p.m. local time (4:00 p.m. GMT), it was trading at $4,072.655, down 5.09% from yesterday’s close.
On Friday alone, this cryptocurrency plummeted 10.81%.
Source: Investing.com
