tl;dr
Cryptocurrencies experienced a decline as China announced retaliatory measures against the U.S., leading to a global market rout with over $2.2 billion in liquidations. The top 10 cryptos, excluding stablecoins, reacted negatively, with Dogecoin and XRP leading losses. Bitcoin showed relative resili...
Cryptocurrencies tumbled early Tuesday after China announced its retaliatory measures against the U.S., including a probe into Google and new levies on American goods. Crypto is still reeling from the global market rout that saw over $2.2 billion in liquidations caused by investor uncertainties following tariffs from the U.S. The top 10 cryptos excluding stablecoins have reacted negatively to the news with Dogecoin leading losses, down 5.8%, followed by XRP's 5.1% decline.
Bitcoin showed relative resilience, dropping just 1.3% to $98,934, CoinGecko data shows. It follows Asia media reports, including the South China Morning Post, which stated Beijing had announced tariffs on U.S. goods between 10% and 15%.
Bloomberg further reported Beijing will impose 15% levies on coal and liquefied natural gas imports, alongside 10% tariffs on oil and agricultural equipment from America, effective immediately. NASDAQ 100 futures have also seen immediate reactions, dropping 1.7% on the day, 8 hours before U.S. markets open. By late afternoon, futures pared losses slightly but remained down 1.2% for the day, according to data from Yahoo Finance. Commodities are seeing broad-based pressure with natural gas dropping sharply by 2% and crude oil declining by 1.74%, while copper stands out as the lone gainer among major commodities with a modest 0.35% increase.
China's State Administration for Market Regulation has also launched an antitrust investigation into Google moments after U.S. tariffs took effect, according to a separate report from Bloomberg. This story is developing and will be updated accordingly.