Published by Global Banking & Finance Review®
Posted on October 10, 2025
1 min readLast updated: January 21, 2026
Add as preferred source on GoogleBitcoin drops to $104,782 as Trump raises tariffs on China, impacting global markets. Ethereum also declines amid escalating trade tensions.
(Reuters) -Bitcoin, the world's largest cryptocurrency by market value, extended declines on Friday after U.S. President Donald Trump escalated his trade conflict with China.
Trump on Friday said he was raising tariffs on Chinese exports to the U.S. to 100% and imposing export controls on "any and all critical software" in a reprisal to recently announced export limits by China on rare earth minerals critical to tech and other manufacturing.
The spat shook global financial markets, sending the benchmark S&P 500 Index sliding by more than 2%.
Bitcoin was last down 8.4% at $104,782 as of 17:20 ET (2120 GMT).
Ethereum, the world's second-largest cryptocurrency, fell 5.8% to $3637 at 17:21 ET.
(Reporting by Ruchika Khanna in Bengaluru; editing by Diane Craft)
Bitcoin is a decentralized digital currency that allows for peer-to-peer transactions over the internet without the need for a central authority or intermediary.
Ethereum is a blockchain platform that enables developers to build and deploy decentralized applications (dApps) and smart contracts using its native cryptocurrency, Ether (ETH).
A trade war occurs when countries impose tariffs or other trade barriers on each other in response to trade policies, often leading to economic tensions and market volatility.
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