BTC Price Moves Fast on Trump’s China Statement

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US President Donald Trump just said that the tariffs that were supposed to be imposed on China as of November 1 won’t stand.

Bitcoin’s price reacted with an immediate uptick that pushed it from its multi-week bottom (on most exchanges) back to $106,000.

Recall the developments that took place last Friday when the POTUS threatened China with a new wave of tariffs, which were later made official with a starting date of November 1. Some Chinese products were supposed to be taxed at over 100%.

This political turmoil caused an immediate crash in the cryptocurrency markets. Bitcoin stood above $122,000 but crumbled below $117,000 within minutes, and then the cascading effect of billions of dollars in overleveraged positions drove it even further south to under $110,000 on most exchanges and all the way down to $101,000 on Binance.


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