The Bitcoin price continued to decline on Saturday, falling by another 2.3% after a sharp sell-off amid a dramatic escalation in trade relations between the United States and China.
President Donald Trump announced late on Friday that the United States will impose new tariffs of 100% on all imports from China starting on November 1, in addition to the current tariff rate, which analysts say is already 40%.
Trump also said Washington would impose export controls on "any mission-critical software" from the same date, marking one of the largest trade escalations since the start of the tariff conflict between the United States and China.
The move followed Beijing's decision to tighten export restrictions on rare earth minerals, which are critical raw materials for the automotive, semiconductor and defense industries.
China controls about 70% of the global supply of rare earth metals, making it a critical bottleneck in technological supply chains.
Trump said China had taken an "extremely aggressive" stance and hinted that it might cancel a planned meeting with President Xi Jinping at the upcoming APEC summit in South Korea.