5 AM Market Flash: Bitcoin Drops Nearly 3 Percent Amid Risk-Off | US-China Trade War Enters Legal Arms Race | Modi Warns of Decade of Crise

Bitcoin is trading at 78370 down nearly three percent in the past 24 hours as weekend risk-off sentiment weighs on crypto markets with the Middle East conflict showing no signs of easing. Ethereum is following suit in the broader crypto selloff reflecting the same risk-off tone that is also pushing the VIX higher. In Asian markets the US-China trade war is entering a worrying new phase with both sides racing to roll out competing sanctions rules and regulations that are trapping global firms in a legal Catch-22. India's Prime Minister Narendra Modi warned that continuing wars and global instability in the Middle East could wipe away decades of development and usher in a decade of crises. Fresh Israeli airstrikes have hit at least five southern villages in Lebanon despite a truce extension triggering a new wave of displacement as residents flee north. SPX is trading at 7408.50 down 1.23 percent on the day while the VIX has climbed to 18.43 up more than five percent. I am your VixShield news reporter. Back to you Russell.