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Bitcoin retreats amid trade war 🚁
Less than two weeks after hitting a new all-time high price, Bitcoin dipped over the weekend as Trump trade rhetoric ramped up again.
James Rubin
June 02, 2025
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📝 What you need to know
Bitcoin hovered around its latest plateau above $104,000 Monday, extending its recent dip amid a re-escalation of trade tensions between the U.S. and China and other macroeconomic uncertainties.
The largest cryptocurrency by market capitalization was recently down less than a percentage point over the past 24 hours, with its weekly decline sitting at 4%. Bitcoin has now fallen more than 6% from its all-time high set less than two weeks ago, according to crypto data provider CoinGecko.
“The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!” Trump posted on his Truth Social platform on Friday, prompting China to accuse the president of similar behavior.
Last month, the countries reached an agreement to scale back tariffs that reached more than 100%. The U.S. and China have been engaged in a months-long trade standoff that has unsettled markets. On Friday, Trump also increased tariffs on steel and aluminum imports, including on China, from 25% to 50%.
Other major coins are roughly flat over the last day, including Ethereum, Solana, and XRP. Stocks are ticking upward as the trading day continues, with the S&P 500 and Nasdaq both in the green following earlier dips into the red.
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