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China and Canada Strike Again on Bitcoin: Announcements Sharply Drove Down the Price! - Coin Bulletin
The new tariffs imposed by the US on Chinese products and the additional taxes that Canada will apply to US vehicles quickly drove the price of Bitcoin (BTC) down to $74,600.
Bitcoin (BTC) was trading around 78 thousand dollars independently of the rise in global stocks. However, developments regarding new tariffs from the US and Canada have driven the markets back into panic. The implementation of new tariffs by the US on Chinese products, which can go up to 104%, and Canada imposing a 25% additional customs duty on vehicles imported from the US, changed the course of the markets.
After the developments, Bitcoin quickly lost value and fell to $ 74,600 during the day. In addition to Bitcoin, the Nasdaq and S&P 500 indexes, which were previously positive, also gave back their gains and returned to negative territory. This revealed a resurgence of investors' fears of a global trade war.
The crypto market is under pressure again
The pressure on Bitcoin from uncertainties caused by tariffs has intensified again in the last few days. The increasing uncertainty in the market pushes investors to seek a safe haven, while it remains a question of whether Bitcoin can recover in the short term.
According to analysts, the expectation that Bitcoin will move independently from traditional markets has now been postponed. In the coming days, the impact of news from the US, China, and Canada on the markets will be closely monitored.