Bitcoin’s (BTC) price declined slightly on Friday on
Einstein Exchange, as tepid trade volumes kept bull traders in check following a stalled recovery attempt earlier in the week.
On the news front, the Trump administration’s massive import duties on Chinese goods is beginning to take its toll on Bitmain, China’s largest crypto mining hardware manufacturer.
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After holding above US$6,500 for most of the week, BTC’s price fell nearly a point on Friday to trade at US$6,556 at press time. Over the last 24 hours, Bitcoin fluctuated between US$6,549 and US$6,450, according to Einstein Exchange.
BTC’s price was still trading at a hefty premium following an early-week implosion of Tether (USTD), a controversial stablecoin that lost its peg to the U.S. dollar.
Trump’s imposed tariff war on Chinese producers is beginning to affect the country’s Bitcoin mining manufacturers. As the South China Morning Post recently reported, Bitmain has been dealing with new tariffs since August 23rd. Two months prior, the company’s Antminer S9 product was reclassified by the U.S. Trade Representative as “electrical machinery apparatus,” which makes it subject to new taxes.
The import duties will worsen an already harsher outlook for the blockchain conglomerate. Bitmain has seen a sharp drop in mining rig demand caused by the yearlong slump in cryptocurrency prices. As a result, crypto analysts foresee sizable losses in the company’s second-quarter earnings report.
