Bitcoin remained steady above $84,000 as Asian markets opened on Monday, demonstrating resilience despite global uncertainties surrounding U.S.-China trade tensions. The leading cryptocurrency traded around $84,305 with minimal volatility as investors responded to mixed signals from the U.S. government.
U.S.-China Trade Tariff Uncertainty
Over the weekend, the Biden administration’s approach to technology tariffs targeting China generated confusion. While some consumer electronics—including smartphones and laptops—were temporarily excluded from a proposed 125% tariff, U.S. officials hinted these exemptions could change. This lack of clarity introduced a cautious mood across global markets.
Adding complexity, China imposed retaliatory tariffs on semiconductors originating from the U.S. However, as Chinese authorities classify chip origin by manufacturing location rather than design, chips produced in Taiwan—especially by companies like TSMC—escaped the new duties.
Key reactions include:
- China’s Shanghai Composite Index increased 0.8%
- Shenzhen Index rose 0.9%
- Hong Kong’s Hang Seng Index surged 2.4%
Developments in the Crypto Market
Elsewhere in crypto news, the Hong Kong Securities and Futures Commission approved staking services for the Bosera HashKey Ether ETF. This move aims to broaden access to staking through regulated investment channels. Nevertheless, Ether remains under pressure, sitting 47% lower year-over-year.
Meanwhile, short Ether ETFs notably outperformed, capitalizing on the ongoing bear sentiment in the Ethereum market. Despite this, the broader crypto space showed strength, with the CoinDesk 20 Index reporting a 14% increase over the same period.
Bitcoin’s Price Stability
Bitcoin continued to defy broader macroeconomic uncertainty by maintaining a narrow trading range. Its performance suggests a potential de-correlation from traditional risk factors like trade disputes and tariff speculation.
For further details, see the original article on CoinDesk.
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