Crypto dips further on China’s retaliatory tariffs

• The crypto market fell further early Tuesday after China announced retaliatory tariffs on select US imports
• Meanwhile, US Bitcoin spot ETFs recorded $234.40 million outflows yesterday

Cryptocurrency prices have taken another hit as retaliatory tariffs, announced by China, further dampen sentiments.

Bitcoin’s price, which showed some resilience in Monday’s trading session, opened the week at $98,465 at the CME and fell to a daily low of $91,455 during the Asian trading session.

Liquidations worth roughly $2.2 billion rocked the market as major alts logged double-digit losses.

Bitcoin’s price began to recover over the London and NY sessions, breaking above $100,000 to a daily high of $102,880. Major alts like Ethereum also parred losses as it rose to $2,910 from a daily low of $2,262.

However, during the early hours of Tuesday, Beijing announced a 15% tariff on coal and other energy imports from the US and a 10% tariff on oil and agricultural equipment, further dousing sentiments.

Bitcoin is down 3.65% at $99,125 while Ethereum is 5.86% lower at $2,730 as of publishing.