Why is the crypto market crashing?
Bitcoin (BTC) briefly declined nearly 10% on Friday as the crypto market took a sharp downturn following US President Donald Trump’s plan to raise tariffs on Chinese goods.
Trump tariff threat on China sparks weekend decline in Bitcoin, crypto market
The crypto market took a sharp dive on Friday, erasing nearly $280 billion from its market cap.
The downturn stems from President Donald Trump’s announcement that the US is planning a 100% increase in levies on Chinese imports beginning November 1.
“One of the policies that we are calculating at this moment is a massive increase of tariffs on Chinese products coming into the United States of America,” wrote Trump in a Truth Social post on Friday.
Trump described China as “hostile” and accused…
