Bitcoin fell below $112,000 during trading Tuesday afternoon Hong Kong time as China’s retaliatory trade measures sent a fresh wave of risk-off sentiment across global markets.

Bloomberg reported earlier Tuesday that China sanctioned U.S. units of South Korean shipbuilder Hanwha Ocean in a move that reignited fears that the trade conflict with Washington could spiral, just days after both sides signaled restraint.

Stocks in Asia tumbled, equity futures in the U.S. and Europe followed, and crypto traders were again forced to de-risk after a brief weekend bounce.

Contracts tied to the S&P 500 dropped 0.7%, Nasdaq 100 futures lost 1%, and Japan’s Nikkei fell more than 3%, marking its worst session in nearly two months. The yen reversed losses and strengthened against the dollar. Gold and s

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