Amid escalating U.S.-China trade tensions, prices of virtual assets including Bitcoin plunged across the board.
As of 10 a.m. on the 11th, on CoinMarketCap, a global coin market tracking site, Bitcoin was at $112,341, down 7.8% from 24 hours earlier.
Ethereum, the No. 2 by market cap, was trading down 12.84% at $3,823. Solana fell 15.56% to $187, and Ripple was down 15.54% at $2.37, respectively. Ripple's price at one point fell to $1.53.
The sharp drop in virtual asset prices that day is seen as stemming from U.S. President Donald Trump saying he would impose additional tariffs on China. On the 10th (local time), President Trump said on the social media (SNS) platform Truth Social that, in response to China's export control measures on rare earths, he would impose an additional 100% tariff on China starting on the 1st of next month.
President Trump said, "Very strange things are happening in China," and added, "They (China) are becoming very hostile and are sending letters to countries around the world, notifying that they will impose export controls on all elements related to 'rare earth' production."