Bitcoin plummets to $102K on Binance as Trump announces 100% tariffs on China

Bitcoin plunged to $102,000 in the Binance perpetual futures pair after Trump announced sweeping tariffs on China on Friday, reigniting fears of a broader trade and market sell-off.

US President Donald Trump announced a 100% tariff on China on Friday, sending the price of Bitcoin (BTC) reeling below $110,000 at the time of writing.

Trump said the tariffs were in response to China attempting to place export restrictions on rare earth minerals, which are crucial for creating computer chips. Trump wrote on Truth Social:

Trump’s first tariff announcements in April sent shockwaves through crypto markets and sparked fears of a recession.

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