🚀 Gate.io #Launchpad# for Puffverse (PFVS) is Live!
💎 Start with Just 1 $USDT — the More You Commit, The More #PFVS# You Receive!
Commit Now 👉 https://www.gate.io/launchpad/2300
⏰ Commitment Time: 03:00 AM, May 13th - 12:00 PM, May 16th (UTC)
💰 Total Allocation: 10,000,000 #PFVS#
⏳ Limited-Time Offer — Don’t Miss Out!
Learn More: https://www.gate.io/article/44878
#GateioLaunchpad# #GameeFi#
Bitcoin Awaits China's Move Against the US: Bear Market Could Be Triggered! - Coin Bulletin
While Asian exchanges and US futures are declining, Bitcoin is approaching a negative technical formation due to increasing trade tensions.
U.S. President Donald Trump announced large-scale reciprocal tariffs against China and other Asian countries. This development triggers a risk-off sentiment in the markets, while Bitcoin is also moving towards a deteriorating technical formation.
On Wednesday, Trump decided to impose import tariffs on **180 countries. For China, this rate increased to **54% along with the previously determined additional tax of 20%. This was recorded as the highest customs duty imposed on China. Canada and Mexico were **excluded from this decision.
It seems that China's response to this move will determine market volatility. Robin Brooks from the International Finance Institute pointed out that if China devalues the yuan, global risk appetite could seriously decline, which could first affect emerging markets and then the United States.
The Devaluation of the Yuan and Its Effects on Bitcoin
China announced that it would respond by calling on the U.S. to lift tariffs. However, the value of the yuan fell below the 7 level, reaching its lowest level in the last seven weeks. This situation led to significant losses in Asian exchanges, and Bitcoin (BTC) dropped to around 82,500 dollars following Trump's statements.
Bitcoin's 50-day simple moving average (SMA) is about to fall below the 200-day SMA. This situation is signaling the negative technical formation known as a "death cross". Technical analysis experts predict that this situation could lead to a price drop.