Summary
- It stated that the cryptocurrency market recorded two consecutive days of decline due to the U.S.-China trade war.
- Bitcoin, Ethereum, Ripple, and Solana reportedly fell by 2.71%, 3.64%, 2.16%, and 8.20%, respectively.
- Although the decline narrowed after the earlier crash, analysis says the downtrend is continuing.
Cryptocurrencies (virtual currencies) are falling due to the shock from the U.S.-China trade war. However, the decline is smaller than the previous day.
As of 10 a.m. on the 12th, on the global coin market tracking site CoinMarketCap, Bitcoin is trading at 109,855 dollars, down 2.71% from 24 hours earlier.
Ethereum, ranked second by market cap, is trading at 3,713 dollars, down 3.64%. Ripple, ranked fifth, is down 2.16% at 2.35 dollars, and Solana, ranked sixth, plunged 8.20% to 174 dollars.
Analysts say that cryptocurrencies have been unable to escape two consecutive days of declines as the U.S.-China trade war intensifies.
Cryptocurrencies previously plunged en masse after U.S. President Trump imposed an additional 100% tariff on China and banned exports of key software to China.
Bitcoin fell about 10%, Ethereum about 15%, and Ripple about 30%. In particular, roughly 7 billion dollars worth of Bitcoin was liquidated.
As of this day, the decline has narrowed significantly, but the downward trend continues.
Kim Dae-young Hankyung.com reporter kdy@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
