Xi Jinping confirmed on April 28th, in China, that there have been no recent trade talks with the United States, intensifying the ongoing trade conflict.
This development is significant as it suggests prolonged economic tension, resulting in increased volatility in the cryptocurrency market, notably affecting Bitcoin and altcoins.
Xi Confirms Trade Stalemate with U.S.
The confirmation by Xi Jinping marks a continued stalemate in trade discussions, maintaining pressure on global markets. Relations between China and the U.S. have stalled, affecting numerous sectors. Xi’s statement indicates no recent engagement with the U.S., highlighting China’s steadfast approach. President Trump previously escalated tariffs, fueling ongoing trade disputes.
Bitcoin Falls 2.3% Following Trade News
The announcement resulted in a 2.3% drop in Bitcoin prices, reflecting investor anxiety. Market volatility increased as traders moved away from riskier assets. Historical trends show that trade tensions affect crypto markets, with Bitcoin and altcoins experiencing drops. Institutional investments fluctuate, responding predictably to such geopolitical uncertainties.
“Xi’s confirmation of no recent trade talks with the US triggered a sharp drop across Bitcoin and altcoins as risk-off sentiment prevailed.” — Crypto Rover, Founder, Cryptosea/YouTuber: source
Past U.S.-China Conflicts Echo in Crypto Market
Previous U.S.-China trade escalations similarly impacted cryptocurrencies. The 2018-2019 conflict led to significant episodic price fluctuations in Bitcoin and Ethereum.
According to Kanalcoin experts, past trends suggest short-term volatility, followed by possible recovery. Future negotiations will likely dictate market responses.
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