News Roundup: China Tariffs Rock Bitcoin, As ATOM Surges And PI Falls

China announced today that it is responding to Donald Trump’s latest round of US trade penalties with a 34% tariff on all US imports starting 10 April. The move has now escalated trade tensions between the two largest global economies, with fears of a recession in 2025 growing more likely.

Following the announcement, Bitcoin dropped 3% within hours, sliding from $84,600 to just under $82,000.

The long/short ratio for BTC also fell below 1, showing increased bearish sentiment and a shift toward short-selling, withdata from Coinglass supporting this trend.

Chinese state media today stated the new US tariffs violate World Trade Organization rules and harm the global trade system. Under Trump’s ‘Liberation Day’ on 3 April, the US imposed a 34% tariff on Chinese imports, adding to two earlier rounds of 20% tariffs. The total rate now stands at 54%.

US equity markets also showed signs of strain. The S&P 500 slipped from 5,260 to 5,250 points, while the Dow Jones dropped 600 points, closing at 40,500.

Pi Network slumps after migration deadline

Meanwhile, Pi Network continues to slide following its 14 March migration deadline. The project required users to complete KYC and migrate balances. Many holders have sold their PI tokens over the past month, pushing the price down sharply.

Since hitting a high of $3 on 26 February, PI has dropped to $0.52, an 82% loss. The token is trading within a descending parallel channel, a sign of a bearish trend. Unless the price breaks above resistance, the downward pressure is likely to continue.

ATOM gains on eToro news and Nubank expansion

eToro has expanded its staking offerings to include Cosmos (ATOM) and Polkadot (DOT). Following the announcement, ATOM showed strong price action and is approaching a bullish trend reversal.

Brazil’s Nubank, which is backed by Berkshire Hathaway, added ADA, NEAR, and ATOM to its crypto product line. The bank has reported a 1124% increase in quarterly revenue over four years, fueled by rapid customer growth. ATOM surged 14% today, making it one of the top performers amid broader market weakness.