The current status of the Gangnam headquarters of Bithumb Lounge in Seocho-gu, Seoul, on the 2nd. Not directly related to the content of the article. [Photo source = Yonhap News] 사진 확대

The current status of the Gangnam headquarters of Bithumb Lounge in Seocho-gu, Seoul, on the 2nd. Not directly related to the content of the article. [Photo source = Yonhap News]

Bitcoin, a cryptocurrency market leader, is falling sharply on the 10th (local time) due to rising trade tensions between the U.S. and China.

According to Coinbase, a U.S. cryptocurrency exchange, one bitcoin was traded at $114,173 at 5 p.m. Eastern time (2 p.m. Western), down 3.85% from 24 hours ago. This is about $12,000 lower than the record high of $126,200 recorded on the 6th.

At the same time, the price of Ethereum, the second largest market capitalization, plunged 8.23% to $3,861, giving up the $4,000 mark.

In addition, XRP (Ripple) fell 4.21% to $2.48 and Solana fell 6.27% to $197.06. The price of major cryptocurrencies fell sharply, with Dogecoin also falling 6.27% to $0.22.

The decline in virtual currency prices began when U.S. President Donald Trump posted a message on Truth Social, a social network service (SNS), suggesting that trade tensions with China are rising.

U.S. President Donald Trump is seen getting off Marine One, a helicopter dedicated to him, at the White House in Washington, D.C. on the 10th (local time). [Photo source = AP, Yonhap News] 사진 확대

U.S. President Donald Trump is seen getting off Marine One, a helicopter dedicated to him, at the White House in Washington, D.C. on the 10th (local time). [Photo source = AP, Yonhap News]

“Very strange things are happening in China,” President Trump said. “They (China) are becoming very hostile, and they are sending letters to countries around the world to notify them that they will control exports of all factors related to the production of rare earths.”

“One of the policies we are considering at this moment is a large-scale increase in tariffs on Chinese products entering the United States,” he said. “Likewise, many other countermeasures are being seriously considered.”

He also added, “We were scheduled to meet with Chinese President Xi Jinping at the Asia-Pacific Economic Cooperation (APEC) meeting in Korea in two weeks, but now there seems to be no reason for that.”

CoinDesk, a coin-specialized media outlet, analyzed, “This plunge has intensified the adjustment, which began shortly after Bitcoin hit an all-time high on the 6th, due to intensifying trade tensions between the U.S. and China.”