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Global equity markets took a major hit on Monday following news that China would raise its tariffs on $60 billion worth of US goods starting on June 1.

As a result, the Dow Jones Industrial Average (DJI) fell 2.38% (617.4 points) to 25,325, while the S&P 500 (SPX) fell 2.41% to 2,811.9.

China’s announcement follows the U.S. decision to hike tariffs from 10% to 25% on $200 billion worth of Chinese exports on Friday following a major breakdown in trade talks between the two countries.

Despite the recent uncertainty in equity markets resulting from the disintegration of trade talks, cryptocurrencies have continued to gain momentum as Consensus 2019 in New York City has contributed to an increasingly bullish environment.

As a result, Bitcoin (BTC) is now up over 14.4% on Monday to $8,012, bringing the largest digital currency’s 1-week return to 39%.

More: Global markets drop as China retaliates with higher tariffs
Related: BitMEX 24-Hour Trading Volume Tops $10 Billion for the First Time

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

Voyager

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