Bitcoin Slips 2.5% Following China’s Retaliatory Tariffs on U.S. and Investigation Into Google.

Bitcoin (BTC) and Nasdaq futures faced renewed downward pressure on Tuesday during Asia’s trading hours after China announced retaliatory tariffs in response to U.S. actions, signaling escalating trade tensions between the two nations.

Alongside the tariffs, China launched an antitrust investigation into Google and added multiple companies, including PVH Corp and Illumina, to its “unreliable entities” list, further intensifying the geopolitical strife.

Beijing’s latest tariffs include a 15% duty on U.S. coal and LNG, as well as a 10% tax on crude oil, agricultural machinery, and various vehicles. This move followed the activation of President Donald Trump’s new 10% tariffs on Chinese imports, heightening trade war fears.

While Bitcoin had recently recovered, soaring from $92,000 to over $102,000 amid a temporary relief deal between the U.S. and Mexico, the renewed tensions with China have caused the digital asset to drop to around $98,500. Meanwhile, Nasdaq futures saw a 0.6% decline, and the U.S. dollar index strengthened as investors sought refuge from growing uncertainty in the market.