Bitcoin Slips Below $104K, Cryptos Slide as U.S.-China Tariff Tensions Flare Up

North Korea-linked hackers stole 17b in 2022

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By Tom Carreras, Krisztian Sandor|Edited by Aoyon Ashraf

Updated May 30, 2025, 5:34 p.m. Published May 30, 2025, 5:34 p.m.

Bitcoin (BTC) price on May 30 (CoinDesk)
  • Markets turned down on Friday due to renewed concerns over U.S.-China trade tensions flaring up.
  • Bitcoin fell 2.1% below $104,000, while the CoinDesk 20 index declined 4.2%.
  • Smart contract platforms and crypto stocks experienced significant declines, with Bitdeer down 8.3%.

Markets went red on Friday on renewed tariff-related apprehensions.

Bitcoin

BTC$104,186.66

is down 2.1% in the last 24 hours, trading just above $104,000 after briefly hitting a session low of $103,900. The CoinDesk 20 — an index of the top 20 cryptocurrencies by market capitalization, except for stablecoins, memecoins and exchange coins — slumped even further, by 4.2%.

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Smart contract platforms were particularly affected, with solana

SOL$158.53

, sui

SUI$3.29

and avalanche

AVAX$21.12

losing 6.3%, 7.8% and 7.3% respectively.

Crypto stocks also took a hit, especially bitcoin mining firm Bitdeer (BTDR), down 8.3% on the day after a run-up that saw the stock rise 132% from April 16 to May 21. Strategy (MSTR) slid 2.7%, and Coinbase (COIN) 1.3%.

The bleeding wasn’t contained to crypto. The S&P 500 and Nasdaq are down 1% and 1.5% respectively, while gold lost 0.7%.

Behind the price action was the flare-up of U.S. trade tensions once again after an agreement was struck earlier this month. The concerns came after President Donald Trump accused China in a post on Truth Social of “violating” the tariff truce between the countries.

Meanwhile, Treasury Secretary Scott Bessent said in a Fox News interview that talks had “stalled” with the Chinese representatives.

China, in response, urged the U.S. to “immediately correct its erroneous actions, cease discriminatory restrictions,” BBC reported.

The cool-off between U.S. and China helped risk assets rally in May, providing a tailwind for BTC to clinch a new record high. The re-escalation now threatens to unwind some of those gains.

Read more: Bitcoin Whales Seem to Be Calling a Top as BTC Price Consolidates

Tom writes about markets, bitcoin mining and crypto adoption in Latin America. He has a bachelor’s degree in English literature from McGill University, and can usually be found in Costa Rica. He holds BTC above CoinDesk’s disclosure threshold of $1,000.

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Krisztian Sandor is a U.S. markets reporter focusing on stablecoins, tokenization, real-world assets. He graduated from New York University’s business and economic reporting program before joining CoinDesk. He holds BTC, SOL and ETH.

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