The US-China trade war officially began, with the US labor market slowing down and buying pressure pushing up the stock market on Tuesday (2/4). Under the leadership of the seven giants, the US stock market rebounded. Bitcoin once again fell below the $100,000 mark, reaching a low of $96,150 this morning. However, Bitcoin’s market share has increased from a low of 54% in December to 61%, indicating that investors’ preference may shift towards cryptocurrencies with longer market history and a more mature follower base.
The US-China trade war officially began. US President Donald Trump has delayed the plan to impose a 25% import tariff on Canada and Mexico for 30 days, but the 10% tariff on Chinese goods has already taken effect on the 4th of the Eastern Standard Time. China, unwilling to be weak, will impose a maximum 15% tariff on imported American goods starting from February 10th and launch an anti-monopoly investigation against Google, marking the official start of the US-China trade war.
However, China has only imposed tariffs on a small number of goods (about 80 types) worth approximately $14 billion, which is far from the $525 billion of the United States, indicating that Xi Jinping has taken a more cautious approach compared to Donald Trump’s first term.
The latest data on US job vacancies shows that labor market growth is gradually slowing down. The December JOLTS job vacancy number was 7.6 million, lower than the expected 8.01 million and the previous value of 8.156 million. This data alleviates the upside risk of the employment report on Friday, which is beneficial for the Federal Reserve and the market.
A wave of buying at low prices has pushed up the stock market. Meta, the parent company of Facebook, has risen for the 12th consecutive trading day, the longest upward streak in history. Analysts believe that the short-term market sentiment has proven to be a good short-term buying opportunity.
Bitcoin has fallen below the $100,000 mark again, reaching a low of $96,150 this morning. Bitcoin’s market share has increased from a low of 54% in December to 61%. The rise in dominance indicates that funds are shifting from altcoins to Bitcoin, and investors’ preference may shift towards cryptocurrencies with longer market history and a more mature follower base.
Risk Warning: Cryptocurrency investment carries a high level of risk, and its price may fluctuate dramatically, resulting in the potential loss of the entire principal. Please carefully assess the risks.