US-China trade war escalates: Bitcoin falls below US$78K amid market chaos

The escalating trade tensions between the US and China, triggered by President Trump’s recent tariff policies, have rattled global financial markets, affecting equities and cryptocurrencies like Bitcoin and Ethereum. Trump’s imposition of tariffs on US imports, with retaliatory measures from China, has sparked fears of a global trade war, leading investors to seek refuge in safe-haven assets. The cryptocurrency market, once buoyant, has taken a hit, with Bitcoin falling below US$78,000 and Ethereum dropping below US$1,600, reflecting the broader risk aversion in the wake of the tariff announcement.

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