It's deja vu all over again for bitcoin bulls as Monday's rally to an all-time high triggered not FOMO, but instead fast retreat. That retreat sped up in a big way in late-morning U.S. action on Friday after trade war tensions between the U.S. and China ratcheted higher.

U.S. President Donald Trump said in a Truth Social post minutes ago that he's preparing a "massive increase" in tariffs on Chinese goods in response to China earlier imposing export controls on rare earth metals.

Following the post, bitcoin (BTC) plunged below $119,000 from $122,000. Ether (ETH), solana (SOL) and XRP each joined in the swift decline.

The drop in crypto prices also weighed on stocks tied to the sector. Circle (CRCL) fell over 6%. Robinhood (HOOD), which gets a large portion of its trading activity from c

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