Trump's retaliation threat over soybeans triggers market decline
Virtual asset prices have plummeted across the board as U.S.-China trade tensions escalate again.
As of 8:20 a.m. on the 15th, Bitcoin was trading at $113,489 on CoinMarketCap, a global cryptocurrency tracking site, down 1.68% from 24 hours earlier. Ethereum, the second-largest by market cap, fell 2.77% to $4,140.
Ripple dropped 3.88% to $2.50, while Solana declined 2.8% to $202.
The decline in virtual asset prices is attributed to renewed U.S.-China trade tensions. U.S. President Donald Trump, on the 14th (local time), labeled China's suspension of U.S. soybean imports as an "act of economic hostility" and warned of retaliation. In a post on Truth Social, Trump stated, "China is intentionally halting purchases of U.S. soybeans, harming our farmers. In response, we are considering suspending trade with China on edible oils and other trade items."
U.S. stock markets also fell across the board except for the Dow on the same day. In New York trading, the S&P 500 dropped 0.16%, and the Nasdaq fell 0.76%. The Dow, however, rose 0.44%.