Major cryptocurrencies experienced a significant increase of up to 20% before reversing in the past 24 hours. This surge was a result of a buy-the-dip strategy following the $2.2 billion loss on Monday. However, gains were wiped out after China announced retaliatory tariffs on the U.S. The Asian morning hours saw a pullback as the U.S. deadline for imposing additional tariffs on China passed without an agreement. Bitcoin, ether, XRP, dogecoin, Solana's SOL, and Cardano's ADA are up around 3-4%. Traders are uncertain about the long-term impact of China's retaliatory measures and are closely watching for further actions against the country. The key question is whether this move is a negotiation tactic that could be reversed or the start of a prolonged trade conflict. The imposition of tariffs could lead to a broader trade war and increased volatility in the crypto market.



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