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By James Van Straten, AI Boost|Edited by Sheldon Reback
Apr 16, 2025, 8:39 a.m.
- Gold surged over 2% to break $3,300, as investors fled to haven investments amid deepening U.S.–China trade tensions.
- Chipmaker Nvidia warned of a $5.5 billion revenue hit, sending tech stocks lower and dragging Nasdaq futures down over 2%.
Global markets are again under pressure following an escalation in U.S.–China trade tensions, with investors fleeing to havens and tech stocks taking a beating.
Gold surged over 2% on Wednesday to top $3,300 per ounce and set a new record high. The dollar weakened further, and Nasdaq futures pointed to a rough day ahead for Wall Street.
STORY CONTINUES BELOW
On Tuesday, the White House announced tariffs of up to 245% on Chinese imports in response to China’s retaliatory measures and bans on exports of key strategic materials, including rare earth elements, gallium and germanium that are used the production of high-speed computer chips. The move follows an Executive Order launching an investigation into national security risks tied to U.S. dependence on foreign critical minerals.
Markets reacted swiftly. The Dollar Index (DXY) fell back below 100, signaling reduced investor confidence in the U.S. currency. Meanwhile, the euro strengthened to $1.13 and the yen to 142 per dollar.
Equities struggled. Nasdaq futures dropped more than 2%, with tech stocks particularly hard hit. Nvidia (NVDA) shares fell 7% pre-market after the company disclosed that new U.S. export controls on AI chips to China would cost it $5.5 billion in lost revenue. The announcement raised concerns of broader earnings hits across the semiconductor industry , which relies heavily on Chinese demand.
Bitcoin (BTC) dropped slightly to $83,000 following the news, reflecting its stronger correlation with U.S. tech stocks rather than acting as a safe-haven asset like gold.
Disclaimer: This article, or parts of it, was generated with assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin’s role within the broader financial system.
In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin, MicroStrategy (MSTR), and Semler Scientific (SMLR).
“AI Boost” indicates a generative text tool, typically an AI chatbot, contributed to the article. In each and every case, the article was edited, fact-checked and published by a human. Read more about CoinDesk’s AI Policy.
