Trump's China Tariff Threat Sparks Bitcoin Crash Below $119K, Crypto Market Plunge

Bitcoin experienced a significant downturn, dropping below $119,000 after former President Donald Trump announced plans for increased tariffs on Chinese goods. The crypto market faced substantial losses, with Ethereum (ETH), Solana (SOL), and XRP all declining sharply. This sell-off extended to crypto-related stocks, including Coinbase (COIN) and MicroStrategy (MSTR), which fell 5% and 3% respectively. Traditional markets also felt the impact, with WTI crude oil dropping below $60. Meanwhile, gold prices rose over 1%, reinforcing its status as a preferred safe-haven asset. Bitcoin is now down approximately 6% from its recent all-time high above $126,000.