Crypto, Gold React Negatively to China-US Tariff Slashing
- Bitcoin briefly surged past US$105K on May 12 after the US and China agreed to a 90-day tariff truce, but quickly dropped to US$102K.
- Despite the diplomatic breakthrough, crypto markets declined, with the total market cap falling 3% to US$3.4T.
- The crypto market dipped 3% as the dollar strengthened and stocks rallied. Gold also dropped 3.4%, with traders rotating into equities, reducing demand for traditionally defensive assets.
What could have been a move that should’ve triggered bullish momentum instead left traders scratching their heads.
Bitcoin (BTC) briefly tapped above US$105K (AU$164K) on May 12 —its highest level in over three months —before fading back to US$102K (AU$161K), just as…
