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The move came after U.S. President Donald Trump's new 10% tariffs on China came into effect.
Feb 4, 2025, 5:46 a.m. UTC
Bitcoin (BTC) and Nasdaq futures faced renewed selling pressure during Asia trading hours on Tuesday as China imposed retaliatory tariffs against the U.S.
Beijing imposed a 15% duty on U.S. coal and LNG and a 10% tax on crude oil, agricultural machinery, pickup trucks and large-engine cars. The move came after U.S. President Donald Trump's new 10% tariffs on China came into effect.
On Monday, Trump agreed to a 30-day pause on his tariff threats against Mexico and Canada, offering a relief to BTC. The cryptocurrency's price staged a remarkable recovery from nearly $92,000 to over $102,000 in hopes that the trade war would be short-lived.
China's fresh action, however, has dented the recovery, sending BTC down to $98,500 at press time. The Nasdaq futures are down 0.6% with the dollar index drawing safe haven bids.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
