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China Responds to Trump's Tariff Hike With 15% Duty on U.S. Imports
The trade war is in full swing, offering headwinds to risk assets, including cryptocurrencies.
What to know:
The trade war is in full swing again, offering headwinds to risk assets, including cryptocurrencies.
On Tuesday, China announced a 15% tariff on the import of wheat, corn, cotton and chicken from the U.S., alongside an additional 10% tax on sorghum, soybeans, pork, beef, seafood, fruits and vegetables, all of which is set to take effect on March 10.
The move came after U.S. President Donald Trump on Monday doubled the tariff on imports from China to 20%. The President also confirmed that 25 per cent tariffs on goods from Mexico and Canada would come into effect on Tuesday, leading to broad-based risk-off in stocks and cryptocurrencies.
As of writing, bitcoin (BTC), the leading cryptocurrency by market value, traded near $84,200, representing a 2% drop on the day (UTC), per data source CoinDesk and TradingView.
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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
Lo que debes saber:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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