Source: Cointelegraph Original: "{title}"
Cryptocurrency and stock markets have entered a "new phase of the trade war" as tariffs escalate between the U.S. and China.
The White House issued a statement on April 15, announcing tariffs of up to 245% on Chinese imports, heightening global trade war concerns.
According to the White House's statement, these punitive measures include "125% reciprocal tariffs, a 20% tariff related to the fentanyl crisis, and 301 tariffs ranging from 7.5% to 100% on specific goods."
Aurelie Barthere, Chief Research Analyst at cryptocurrency data analytics platform Nansen, stated that cryptocurrencies, tech stocks, and other "high-priced assets" have entered a "new phase" of the global trade war due to the latest escalation.
In an interview with Cointelegraph, the analyst said, "We have now entered a new phase of the trade war, focusing on high-value-added industries, technology (and pharmaceuticals), and U.S.-China relations," and added:
Barthere also mentioned, "I believe this situation is also unfavorable for non-U.S. stocks." She noted that since November 2024, U.S. stocks and cryptocurrencies have been "highly correlated," and during the current market adjustment, as "investors de-risk, especially high-priced assets," this downward correlation has further intensified.
According to previous predictions by Nansen analysts, the recovery of global stock and cryptocurrency markets depends on the tone of global tariff negotiations, with a 70% chance of recovery starting after hitting bottom in June 2025.
China recently appointed Li Chenggang as the new chief trade negotiator, who previously served as Assistant Secretary of Commerce during President Trump's first term.
According to a Reuters report on April 16, citing an unnamed source from Beijing's "foreign business community," Li Chenggang is described as a "very tough" negotiator with extensive experience dealing with U.S. officials.
As tariff tensions and inflation-related concerns escalate, the market is currently focused on Federal Reserve Chairman Jerome Powell's speech at the Federal Open Market Committee (FOMC) meeting scheduled for May 6.
An analyst from Bitfinex exchange stated in an interview with Cointelegraph, "The market remains vigilant for any signals that the Fed may delay interest rate cuts due to stubborn inflation or heightened geopolitical risks." They added that if Powell takes a hawkish stance, risk assets like Bitcoin may face downward risks:
The analyst further stated, "Cryptocurrencies react to macro news not because of changes in fundamentals, but because market positions are weak and confidence is sensitive."
Related: Federal Reserve Chairman Powell reiterates support for stablecoin legislation
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