Risk sentiment worsened during European time on Friday, responding to Trump's Wednesday decision to raise the overall collection of Chinese products to 54% after China announced retaliatory tariffs on all goods.
Bitcoin, the leading cryptocurrency by market value, has dropped from $1,600 to $83,000, erasing its early rise to $84,600, Coindesk data shows. Other tokens such as XRP, ETH, SOL, and DOGE reversed early profits to largely trade flat on the day.
Meanwhile, futures and Nasdaq tied to the S&P 500 have surpassed 2% amid escalating global trade tensions.
“China's response is not only negative for the US, but also affects the global outlook,” wrote Forexlive analyst Justin Low in an update on the market.
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