The cryptocurrency market experienced a tumultuous ride this week, triggered by news surrounding the US-China trade war and President Trump’s threats of escalating tariffs. Bitcoin and other altcoins soared in anticipation of potential relief before plunging back down after a report suggesting a 90-day pause on tariffs was refuted, only to see further volatility due to additional threats from the White House. President Trump threatened another 50% tariff on China if Beijing doesn’t back down from its retaliatory 34% tariff on US imports. This surge in tariffs will ultimately push the total amount owed by China to over 104%, according to the White House. The market witnessed immediate price fluctuations as a result of this news, with Bitcoin (BTC) crashing after briefly reaching over $81,000 before quickly retracing following the initial report’s rebuttal and Trump’s latest threat.