Bitcoin dives 7.7% in wake of further US tariff threats to China

The price of Bitcoin fell 7.7% on Friday from Thursday's levels after US President Donald Trump's remarks on imposing additional 10% tariffs on China.

Trump announced Thursday that the proposed tariffs on Canada, Mexico and China would take effect as scheduled, citing the flow of drugs, particularly fentanyl, into the country.

Trump blamed China for manufacturing and supplying a large percentage of the drugs, which he claimed have contributed to more than 100,000 deaths last year.

The tariffs, set to take effect March 4, include a 25% levy on imports from Canada and Mexico and an additional 10% on Chinese goods.

As of 0915 GMT, Bitcoin's current price was around $79,260, and its market cap had decreased to $1.57 trillion.

Bitcoin's transaction volume in the last 24-hour period was around $76.3 billion.

In January, the price of Bitcoin saw the highest-ever value of around $109,000 amid Trump's inauguration.

Ethereum prices also decreased by 9.6% to $2,122 over the same period.