"The bitcoin price dropped to the $118,000s range today after President Trump announced plans to raise tariffs on Chinese goods in response to China's export controls on rare earth metals. Bitcoin price is down roughly 2.3% in the past 24 hours and about 6% since reaching a record high above $126,000 just four days ago. This came after China imposed new limits on rare earth and related technology trade."
"China requires foreign companies to obtain special approval to export products containing even trace amounts of Chinese rare earth elements, which are essential for items ranging from jet engines and electric vehicles to laptops and phones. Trade talks between China and the U.S. this year have addressed rare earths, TikTok, and tariffs, with over three rounds held so far. Following May talks in Geneva, the U.S. said China had agreed to ease some of its rare earth export restrictions."
"Bitcoin kicked off October with a surge, reaching all-time highs above $126,000 in the first week. In the past few days, the price had pulled back to the $121,000 range. Some analysts point to signs that the bitcoin market has entered what many describe as the 'euphoria phase' of the current bull cycle. If the historical pattern holds, bitcoin's current euphoria phase may carry it toward the $180,000-$200,000 zone before sentiment shifts."
Bitcoin slid into the $118,000s after President Trump announced plans to raise tariffs on Chinese goods in response to China’s export controls on rare earth metals. The price fell about 2.3% in 24 hours and roughly 6% from a record above $126,000 reached four days earlier. Trump signaled possible cancellation of an APEC meeting with President Xi amid threats of a massive tariff increase. China now requires special approval for exports containing trace amounts of rare earth elements, which are essential for jet engines, EVs, laptops and phones. Some analysts view bitcoin as in a euphoria phase that could push prices toward $180,000–$200,000 if patterns hold.
Read at Bitcoin Magazine
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