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Bitcoin (BTC), which reached a brand new all-time excessive of $111,814 final week, plunged 1.8% on the day to commerce palms at $104,654 at press time after momentarily hitting a session low of $104,053, based on CoinMarketCap information.
The sharp drop got here amid an eruption of US commerce tensions after President Donald Trump, in a put up on his Fact Social media platform, accused China of fully violating the tariff settlement between the 2 nations, although he didn’t share specifics.
Treasury Secretary Scott Bessent told Fox Information that talks had “stalled” with the Chinese language officers, additional compounding the uncertainty. China, in response, suggested the U.S. to “instantly right its misguided actions, stop discriminatory restrictions,” based on a BBC report.
Within the close to time period, Bitcoin’s potential to carry the psychologically vital $100,000 stage stays a key landmark amid the macroeconomic maelstrom.
 
Different well-liked various crypto belongings, corresponding to Ripple’s XRP, Solana (SOL), and Dogecoin (DOGE), have fallen even additional, dropping 4.1%, 3.4%, and eight.8%, respectively, within the final 24 hours as a result of commerce frictions.
The de-escalation of the U.S.-Sino commerce battle buoyed threat belongings in Might, offering rocket gas for BTC to set a brand new lifetime peak above $111,800—the renewed issues over U.S. commerce coverage now threat erasing these positive factors.
Regardless of the uncertainty, the demand for Bitcoin stays clear. BlackRock’s iShares Bitcoin Belief (IBIT), which is the world’s largest spot BTC exchange-traded fund (ETF) by belongings beneath administration, has continued to bag billions in investor cash, pushed by Bitcoin’s rising enchantment as a haven asset amid market volatility. In the meantime, the mixed U.S. spot BTC ETFs have registered almost $5.4 billion in whole web flows this month, up from $2.97 billion in April, information from SoSoVale reveals.
