US-China Trade War Sparks Cryptocurrency Rout

Bitcoin, Ethereum, XRP, and Dogecoin Extend Losses as White House Hammers Chinese Goods with $104 Billion Tariff

The cryptocurrency market continued its downward spiral on Monday, with Bitcoin, Ethereum, XRP, and Dogecoin all extending their losses as the White House announced a new tariff on Chinese goods worth $104 billion.

The news sent shockwaves through global markets, with the Dow Jones Industrial Average plummeting 1.4% and the S&P 500 falling 1.5%. The tech-heavy Nasdaq Composite Index also took a hit, dropping 2.1%.

The cryptocurrency market, which has been highly correlated with global market movements, was similarly affected. Bitcoin, the largest cryptocurrency by market capitalization, fell 4.1% to $55,242. Ethereum, the second-largest cryptocurrency, dropped 5.1% to $2,144. XRP, the third-largest cryptocurrency, fell 5.5% to $0.85, while Dogecoin, a smaller but popular cryptocurrency, dropped 7.1% to $0.25.

The White House's decision to impose tariffs on Chinese goods was seen as a major blow to the global economy, with many economists warning of potential retaliatory measures from China and a broader impact on global trade.

"This is a major escalation in the trade war between the US and China, and it's likely to have significant consequences for global trade and investment," said Stephen Roach, a former chief economist at Morgan Stanley. "The cryptocurrency market is highly sensitive to global market movements, and this news is likely to send shockwaves through the market."

The cryptocurrency market has been highly volatile in recent weeks, with prices fluctuating wildly in response to news and market movements. While some investors see the market's volatility as an opportunity to buy in at low prices, others are warning of potential risks and uncertainties ahead.

"This is a very uncertain market, and there's a lot of risk out there," said Michael Novogratz, a former hedge fund manager and cryptocurrency investor. "I would advise investors to be very cautious and to do their own research before investing in this market."

The cryptocurrency market has been highly correlated with global market movements in recent years, and the White House's decision to impose tariffs on Chinese goods is likely to have significant consequences for the market. As the market continues to fluctuate wildly, investors are left wondering what's next and whether the cryptocurrency market will continue to extend its losses.