"Bitcoin Falters as US-China Trade Tensions Intensify"

Asian markets were mixed on Wednesday, with investors assessing economic data and the escalating US-China trade tensions. The region's markets reacted to the ongoing trade dispute between the world's two largest economies, which has led to increased market volatility and a risk-off sentiment.

Bitcoin extended declines, failing to sustain gains above the key $100,000 level, as escalating US-China trade tensions kept investor sentiment cautious. The cryptocurrency briefly surpassed the $100,000 mark in the past two days but failed to maintain those gains amid the escalating trade tensions. The recent trade friction began when the US imposed a 10% tariff on Chinese imports, citing national security concerns. In response, China announced retaliatory tariffs on US goods, including liquefied natural gas, coal, crude oil, and farm equipment. Additionally, Beijing initiated an antitrust investigation into Alphabet Inc.'s Google.

These developments have heightened investor caution, leading to increased market volatility. Gold prices, for instance, reached a record high as investors sought safe-haven assets amid the uncertainty. Bitcoin's inability to sustain levels above $100,000 reflects the broader risk-off sentiment.

The US Securities and Exchange Commission (SEC) is downsizing its crypto enforcement unit, reassigning lawyers to other departments, as part of the Trump administration’s broader effort to reduce cryptocurrency regulations. The SEC's potential regulatory easing could have provided a bullish impetus for Bitcoin. However, the prevailing macroeconomic concerns, particularly the intensifying trade dispute between the world's two largest economies, overshadowed this development.

Most altcoins were largely subdued, and moved in narrow ranges, reflecting increased caution towards speculative assets. The world's no. 2 crypto Ether inched 0.5% higher to $2,741.53, while the no.3 crypto XRP fell 1.1% to $2.4957. Solana was 0.7% weaker, and Polygon was largely unchanged, while Cardano inched 0.3% lower. Among meme tokens, Dogecoin was largely steady.

China's Foreign Ministry warned of supply chain disruptions amid US tariffs criticism. The ministry criticized US tariffs and warned of potential disruptions to global supply chains. China has been vocal in its criticism