Bitcoin value dives as uncertainty grips global cryptocurrency market
Advertisement
After jumping on US President
Donald Trump 's talk of creating a national cryptocurrency reserve, bitcoin and similar digital assets dove in the face of concerns it might not actually happen.
'Everything is getting sold,' Forexlive manager Adam Button said, adding: 'There's a de-risking that's unfolding' among
cryptocurrency investors.
Late on Monday, bitcoin was down 9.47 per cent at US$85,321.69 each. There is more than a trillion dollars worth of bitcoin in the largest overall valuation in the cryptocurrency realm.
The second largest digital asset, ether, saw its price drop more than 15 per cent.
Advertisement
Other major cryptocurrencies such as XRP, Cardano and Solana were down by almost 20 per cent.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
an hour ago
- South China Morning Post
China, US top negotiators agree to ‘framework' that will need approvals by Xi and Trump
China and the United States wrapped up two days of high-level trade talks in London with an agreement 'in principle to a framework' that each side will bring home for review by their top leaders. Advertisement 'The two sides agreed in principle a framework for implementing the consensus' that Chinese President Xi Jinping and US President Donald Trump reached in their phone call last week, and the consensus of high-level bilateral negotiations in Geneva last month, China's top trade negotiator Li Chenggang told reporters. 'The two sides will bring back a report to our respective leaders the talks in the meeting as well as the framework that was reached in Geneva. We hope that the progress that we made in this London meeting will be conducive to the increasing trust between China and the United States.' Using similar language – 'agreed in principle a framework' – US Commerce Secretary Howard Lutnick said his delegation was 'going to go back and speak to President Trump and make sure he approves it'. 'They're going to go back and speak to President Xi and make sure he approves it, and if that is approved, we will then implement the framework that we have worked hard over these last two days,' he said. 'Both sides had extra impetus in order to get things done because we both have our presidents behind us, pushing us to make sure we take care of our respective sides.' Advertisement 'The idea behind all of this is for us to increase our trade with China, right? ... The fundamental goal is to reduce the trade deficit and increase trade,' Lutnick added. 'So this was the first step of the framework by which we will then approach and discuss growing trade.'
RTHK
2 hours ago
- RTHK
China joins growing chorus over planes, parts tariffs
China joins growing chorus over planes, parts tariffs Boeing is among companies in the industry weighing in against tariffs on planes and parts. File photo: AFP Five nations and the European Union, as well as airlines and aerospace firms worldwide, urged the Trump administration not to impose new national security tariffs on imported commercial planes and parts, documents showed. Airlines and planemakers have been lobbying President Donald Trump to restore the tariff-free regime under the 1979 Civil Aircraft Agreement that has yielded an annual trade surplus of US$75 billion for the US industry. The documents made public by the US Commerce Department on Tuesday bared concerns over the fallout of possible new tariffs expressed by companies as well as nations such as China, Canada, Japan, Mexico and Switzerland, besides the European Union. "As reliable trading partners, the European Union and United States should strengthen their trade regarding aircraft and aircraft parts, rather than hinder it by imposing trade restrictions," the EU wrote. It would consider its options "to ensure a level playing field", it added. Trump has already imposed tariffs of 10 percent on nearly all airplane and parts imports. "No country or region should attempt to support the development of its domestic aircraft manufacturing industry by suppressing foreign competitors," the Chinese government wrote. Separately, US planemaker Boeing cited a recent trade deal unveiled in May with Britain that ensures tariff-free treatment for airplanes and parts. "The United States should ensure duty-free treatment for commercial aircraft and their parts in any negotiated trade agreement, similar to its efforts with the United Kingdom," Boeing told the Commerce Department in a filing. Mexico said in 2024 it exported US$1.45 billion in aircraft parts, just a tenth of the total, to the United States. The EU said it took US exports of aircraft worth roughly US$12 billion, while exporting about US$8 billion of aircraft to the U.S. In early May, the Commerce Department launched a "Section 232" national security investigation into imports of commercial aircraft, jet engines and parts that could form the basis for even higher tariffs on such imports. Last week, Delta Air Lines and major trade groups warned of tariffs' impact on ticket prices, aviation safety and supply chains. "Current US tariffs on aviation are putting domestic production of commercial aircraft at risk," Airbus Americas chief executive Robin Hayes said in a filing. "It is not realistic or sensible today to create a 100 percent domestic supply chain in any country." Boeing said it had been increasing US content in its airplanes over the last decade and its newest airplanes, the 737 MAX 10 and 777X, would have "more than 88 percent domestically-sourced content." The United Auto Workers union, which represents 10,000 aerospace workers, said it supports tariffs and domestic production quotas, adding that US aerospace employment has fallen to 510,000 in 2024 from 850,000 in 1990. "To safeguard the entire aerospace supply chain across the commercial and defense sectors, comprehensive tariffs and production quotas on several products are needed," it said. JetBlue Airways opposed new tariffs, however, saying, "trade policy should reinforce, not destabilize, the proven systems that keep our aircraft flying safely and affordably". (Reuters)
South China Morning Post
4 hours ago
- South China Morning Post
What the Trump-Musk feud reveals about American decline
Feel strongly about these letters, or any other aspects of the news? Share your views by emailing us your Letter to the Editor at letters@ or filling in this Google form . Submissions should not exceed 400 words, and must include your full name and address, plus a phone number for verification I refer to 'Trump and Musk feud in real time as bromance implodes in spectacular fashion' ( June 6 ). The public dispute between Donald Trump and Elon Musk illustrates the late stage of a declining republic, an America that is increasingly dominated by billionaires rather than elected officials. The two ostensibly fell out over US President Trump's 'big beautiful bill' , a tax plan that billionaire Musk said would increase the US federal deficit. But Trump said Musk was just outraged that the bill is scrapping tax credits for electric vehicles, a move projected to cost Tesla , a company heavily reliant on various government programmes, US$1.2 billion. It is telling that the world's richest man, who is so indebted to US taxpayers, can decry a system he has gamed masterfully the moment he is inconvenienced.
