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Daily Updates:
As crypto markets currently experience a large sell-off we thought we’d share some charts to tell the story.
President Trump said he sees “no reason” to meet Chinese President Xi Jinping after China announced a new rule of export controls on rare earths materials and critical minerals. Trump then threatened a “massive increase” in tariffs to the tune of an additional 100% against China
The renewed round of trade tensions between the US and China has exploded crypto, equity and bond markets concurrently while US treasuries and gold caught another bid (10-year treasury yields sank 11bps to 4.03%).
The S&P 500 suffered its worst single day loss since the April tariff turmoil, plunging 2.7% while the Nasdaq 100 lost 3.5% – however, markets also saw speculation that the announcement triggered a correction in an already fragile rally in risk-on sentiment.
BTC fell from $122K earlier today to a low of $105K only an hour ago and has quickly rebounded to $113K.
Ether has plunged 13% in the past 24 hours — from $4,400 to $3,500 and now just under $3,900.