A firestorm of tariffs has been unleashed on many countries across the globe by the Trump administration. This has led to a huge 21% fall in the S&P 500 from top to bottom. Perhaps now in the eye of the storm, Bitcoin bulls are battling to keep the king of the cryptocurrencies afloat. Will they succeed?
A whopping 104% tariff on some Chinese goods is now in effect. The extra 50% levy on certain Chinese imports was applied as China announced its own reciprocal like-for-like imposition of 34% on what the US had previously levied on China.
With the US/China trade war now going full scale, Europe being forced to react to a 20% levy, and various other countries deciding what to do with the tariffs imposed against them, global economies are in a heightened state of disorder and uncertainty.
S&P 500 forming a bottom?
Source: TradingView
In the US, the S&P 500 has now dropped a total of 21%, and has bounced from the very strong $4,800 horizontal support. Will there b
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