Based on Cointribune, Bitcoin fell 3% following Chinese sanctions targeting U.S. naval sector companies and restrictions on rare earths, which impact Bitcoin miners in Texas and Kazakhstan. Altcoins also declined, with Ethereum down 7.5%, XRP and Dogecoin down nearly 6%, and Solana uncertain. The U.S.-China trade tensions escalated as Beijing retaliated against Trump's 100% tariffs on Chinese imports by targeting subsidiaries of Hanwha Ocean. The move triggered a 3% drop in the Nikkei and 0.7% in S&P 500 futures, while crypto markets saw $20 billion in liquidations. Analysts warn that China's control over 85-90% of the global rare earths market could further affect mining costs and Bitcoin's hashrate.
Bitcoin Drops 3% Amid China's Sanctions and Rare Earths Restrictions
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