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Bitcoin, ether slide as U.S.-China tensions reignite, wiping out earlier gains

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Bitcoin and ether fell sharply on Tuesday as rising U.S.-China trade tensions erased the previous day’s rebound, underscoring the crypto market’s fragility following last week’s record liquidation event.

Bitcoin dropped as low as $110,023.78 before recovering slightly to $113,129, down 2.3%, while ether slid 3.7% to $4,128.47 after hitting an intraday low of $3,900.80. The world’s largest cryptocurrency has fallen more than 12% since reaching a record $126,000 on October 6.

The renewed decline came as both the U.S. and China imposed new port fees on ocean shipping companies, escalating their trade dispute and disrupting global supply chains. Analysts said the move transformed maritime trade into a new battleground in the ongoing economic conflict between the world’s two biggest economies.

Altcoins bore the brunt of the sell-off, with some tokens plunging as much as 80% on certain exchanges. Analysts said automated liquidations on leveraged platforms further amplified volatility as margin calls forced traders to unwind positions.

“As long as U.S.-China relations remain tense and equities are heavily concentrated in tech, crypto will struggle,” said Juan Perez, director of trading at Monex USA. “When fundamentals weaken, bitcoin and ether lose their footing because their value depends on broader investor confidence.”

The slump follows last Friday’s $19 billion crypto liquidation, the largest in market history, which was triggered by Trump’s 100% tariff threat on Chinese imports and Beijing’s retaliatory rare earth export restrictions.

Malaysia Slows Data Centre Boom, Complicating China’s AI Chip Access

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Malaysia, once the fastest-growing hub for data centre expansion in Southeast Asia, is now reining in the pace of growth — a move that could restrict China’s access to U.S.-made AI chips crucial for advanced model training.

Key Developments

  • Dominant role: Malaysia accounts for two-thirds of all data centre capacity under construction in Southeast Asia, led by Johor near Singapore.

  • Growth drivers: Lower costs and spillover from Singapore’s capacity constraints made Malaysia attractive to U.S. giants (Microsoft, Amazon, Google) and Chinese firms (Tencent, Huawei, Alibaba).

  • New restrictions: In July, Malaysia required permits for all exports, trans-shipments and transits of U.S.-made high-performance chips like Nvidia’s, tightening regulatory control.

U.S. Pressure and Trade Tensions

  • Washington fears Malaysia could serve as a backdoor for China to access restricted U.S. chips for AI and potential military applications.

  • Malaysia is simultaneously seeking to finalize a trade deal with the U.S., which increases scrutiny of Chinese-linked data projects.

  • The U.S. Commerce Department has warned that overseas-trained AI models could bolster China’s military edge.

China’s Overseas Push

  • Under Xi Jinping’s “AI Belt and Road” strategy, Chinese operators were urged to expand abroad.

  • GDS Holdings built a major campus in Johor but later spun off its international arm into DayOne, distancing from its Chinese parent amid U.S. pressure.

  • Xi’s April visit to Malaysia ended with pledges of deeper ties in data linkages, 5G and AI infrastructure.

Johor’s Role

  • By mid-2025, Johor had 12 operational data centres (369.9 MW) with 28 more planned (898.7 MW), worth $39B in investments.

  • Johor introduced a vetting committee in 2024, rejecting ~30% of applications for unsustainable energy or water practices. Approval rates have since improved as firms adapt.

Risks for China

  • Chinese AI chips still lag behind Nvidia’s in performance. While Malaysia leaves room for in-country use of U.S. chips, scrutiny is rising.

  • Chinese firms are increasingly rebranding or restructuring overseas operations to avoid geopolitical pressure.

  • Analysts warn Southeast Asia may become a less reliable outlet for China’s AI ambitions as U.S. tariffs and regulatory scrutiny intensify.

China Postpones Approval of $35 Billion Synopsys-Ansys Merger Amid Rising Trade Tensions

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China’s State Administration for Market Regulation (SAMR) has delayed its approval of the $35 billion merger between U.S. software companies Synopsys and Ansys, according to a Financial Times report on Friday. The move comes after U.S. President Donald Trump tightened export controls targeting China’s access to advanced semiconductor design software and other sensitive technologies.

The delay underscores the escalating trade tensions between the world’s two largest economies, even as they reached a tentative trade truce during talks in London earlier this week. The current dispute follows China’s previous curbs on mineral exports, prompting the Trump administration to respond with additional restrictions. These include stricter controls on exports of semiconductor design software — a key area of Synopsys’s business — as well as jet engines and various advanced goods destined for China.

The Synopsys-Ansys merger had reached the final stage of the Chinese regulatory process and was widely expected to receive approval by the end of June. However, U.S. actions in late May banning chip design software sales to China added new complications to the review, according to sources cited by the Financial Times.

Neither Synopsys nor Ansys have publicly commented on the reported delay. Reuters, which also attempted to verify the report, said Synopsys declined to comment, while Ansys and Chinese regulators have not responded to inquiries.

The Trump administration’s latest export controls form part of a broader strategy aimed at limiting China’s access to technologies that could enhance its semiconductor manufacturing capabilities and, potentially, its military strength. Washington has also revoked export licenses previously granted to certain suppliers, significantly tightening restrictions on U.S. technology shipments to China.

In a separate development, the U.S. Federal Trade Commission (FTC) last month required Synopsys and Ansys to divest certain assets to address domestic antitrust concerns related to the merger. Synopsys CEO has previously confirmed that the company has obtained regulatory clearances for the deal in all jurisdictions except China.

The $35 billion merger, if completed, would combine two of the most important players in electronic design automation (EDA) and engineering simulation software — sectors crucial for the development of next-generation semiconductors and complex industrial systems.