Bitcoin falls below $104K as heightened U.S.-China trade tensions trigger declines across crypto assets.

Bitcoin Slides Below $104K Amid Renewed U.S.-China Tariff Disputes; Crypto Markets Retreat

Cryptocurrency markets took a hit on Friday as fresh concerns over U.S.-China trade tensions rattled investors.

Bitcoin (BTC) dropped 2.1% over the last 24 hours, dipping just below the $104,000 mark after hitting a low near $103,900 during the session. The broader crypto sector, represented by the CoinDesk 20 index, saw a sharper decline, sliding 4.2%.

Smart contract blockchains were hit hard, with Solana (SOL) falling 6.3%, Sui (SUI) dropping 7.8%, and Avalanche (AVAX) down 7.3%.

Crypto equities also struggled, led by bitcoin mining company Bitdeer (BTDR), which tumbled 8.3% following a strong rally in recent weeks. MicroStrategy (MSTR) and Coinbase (COIN) shares declined 2.7% and 1.3%, respectively.

The negative sentiment spilled over into traditional markets, with the S&P 500 and Nasdaq falling 1% and 1.5%, while gold prices dipped 0.7%.

Trade Tensions Reignite

The selloff followed renewed concerns over U.S.-China relations after President Donald Trump accused China of breaching a recent tariff truce via a post on Truth Social.

Adding to the uncertainty, Treasury Secretary Scott Bessent revealed in a Fox News interview that trade discussions with China had stalled.

China pushed back by urging the U.S. to “immediately correct its erroneous actions and end discriminatory restrictions,” according to BBC reports.

Earlier in May, easing tensions had supported a rally in risk assets, including Bitcoin, which reached new highs. The recent escalation threatens to undermine these gains.