Bitcoin price today: retreats from record highs as US-China trade war reignites

Investing.com-- Bitcoin retreated on Friday, as U.S.-China trade tensions reignited, after racing to record highs earlier in the week as persistent rate-cut bets and signs of some cooling in geopolitical tensions helped boost risk.

Investors also remained on edge over an ongoing U.S. government shutdown, with traders uncertain how the shuttering will impact the wider economy. 

The world’s largest cryptocurrency by market value fell 8.1% to $112,000.00 by 8:19 ET.

Bitcoin was set for a muted performance this week even after notching a record high of over $126,000, but the return to tariff uncertainty sent stocks and crypto alike tumbling.

Earlier Friday, the digital token was sitting on a gain so far in October, as it benefited from increasing optimism over favorable seasonal trends. Bitcoin has historically performed well in October, with market participants referring to the trend as “Uptober.” The cryptocurrency now sits down nearly 3% in October amid the slump.

Last year, the crypto added nearly 11% in October, although this was vastly overshadowed by a stellar 37% rally in November, which was fueled by Donald Trump’s victory in the 2024 presidential election. 

President Donald Trump announced after the close of trading Friday that the United States will impose an additional 100% tariff on Chinese imports starting November 1, 2025, in response to what he described as China’s "extraordinarily aggressive position on Trade."

Trump further cited "an extremely hostile letter to the World" indicating plans to implement "large scale Export Controls on virtually every product they make" as justification for the reinvigorated trade tensions, adding the 100% to preexisting tariffs on Chinese goods.   

Bitcoin is "not an asset class," U.K. investing giant Hargreaves Lansdown says

Hargreaves Lansdown, the United Kingdom’s biggest retail investment platform, told investors this week that Bitcoin has “no intrinsic value,” despite a landmark regulatory shift on crypto investment in the country. 

Hargreaves issued the warning just as the U.K. Financial Conduct Authority lifted a four-year ban on allowing retail investors to hold crypto products. 

Retail investors in the country will soon be able to buy Bitcoin and other crypto exposure through regulated, exchange-traded products, akin to a U.S. decision allowing exchange-traded funds in early-2024. 

The investment platform said Bitcoin is “not an asset class,” stating that crypto did not display characteristics that called for its inclusion in growth or income portfolios. 

But Hargreaves did not rule out offering crypto products on its platform, acknowledging that some customers will “wish to speculate with cryptocurrency.” 

Crypto price today: altcoins drop in response

Elsewhere, broader crypto prices followed lower on Friday. World no.2 crypto Ethereum dropped 12.5% to $3,832.02, while XRP plummeted 16.5% to $

(Scott Kanowsky and Luke Juricic contributed reporting.)