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Markets reel despite Trump's U-turn on China 100% tariff
Bitcoin (BTC), Ethereum (ETH), XRP, and others continued to fall despite U.S. President Donald Trump changing his stance on imposing 100% tariffs on Chinese imports.
On Oct. 16, in a conversation with Fox Business, Trump acknowledged the potential economic strain of imposing steep tariffs on Chinese imports. When asked about the combined effect of a proposed 100% tariff on top of existing duties, totaling 157%, Trump admitted, “It’s not sustainable.”
Despite this, the downward trend in the broader crypto market, which began on Oct. 10, did not change.
The trend was triggered by Trump announcing his plans to impose 100% tariffs on all Chinese goods. Major cryptocurrencies nosedived, creating over $19 billion in liquidation in merely hours of the post going live. Binance, Coinbase, and other exchanges experienced heavy disruptions as panic spread among traders.
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At the time of writing, BTC slipped 4.9% in 24 hours to around $104,900. ETH dropped 6.2% to $3,747, while Solana (SOL) was down by 7.2% and was trading at $178.82.
XRP was down by 5.9% to $2.26 and Dogecoin (DOGE) was trading 7.6% lower at $0.181.
This article has been published in yahoo.com via Yahoo News.
