Bitcoin was falling as investors shun risky assets amid U.S.-China trade tensions and ahead of a speech from Federal Reserve Chair Jerome Powell.
The U.S. and China will start charging new port fees on each other’s ships Tuesday in the wake of President Donald Trump’s fresh tariff threats against China. Powell will speak at the National Association for Business Economics meeting later today. Markets will be monitoring for any hints on the pace of future interest-rate cuts.
Recent sharp falls in cryptocurrencies highlight the “rapid unwinding of risk in a market still dominated by automatic margin calls and fragmented liquidity,” Tickmill Group’s Patrick Munnelly says in a note.
