The worth of Bitcoin and the general cryptocurrency market suffered one of many greatest crashes in historical past once more in 2025. The highest cryptocurrency, which struggled all through the day on Friday, October 10, lastly succumbed to bearish stress after US President Donald Trump introduced 100% tariffs on Chinese language imports.
The remainder of the cryptocurrency market additionally confronted vital downward stress, with costs of different giant belongings plummeting following information of the U.S. tariffs. In line with knowledge from CoinGlass, the biggest single-day liquidation occasion in historical past worn out almost $10 billion value of open curiosity from the cryptocurrency market.
Trump imposes 100% tariff on Chinese language merchandise
In a submit on the Fact Social platform on October 10, President Trump declared 100% commerce tariffs on Chinese language items, larger than the tariffs at present paid. President Trump stated the tariffs have been a results of China’s try to limit exports of uncommon earth minerals important for making laptop chips.
Trump stated:
It has just lately been revealed that China is taking a really aggressive stance on commerce, sending a particularly hostile letter to the world stating that beginning November 1, 2025, it’ll implement huge export controls on nearly all merchandise it produces, a few of which aren’t even made in China.
Supply: @realDonaldTrump on Fact Social
Trump claims that China’s determination to implement these export controls impacts all international locations and is a plan designed by China years in the past. The USA will implement export controls on all important software program on or earlier than November 1, following China’s extra actions, the president wrote on Fact Social.
In line with current reviews, President Trump later stated he was nonetheless open to a gathering with Chinese language President Xi Jinping. The US president stated he may increase commerce tariffs if China reverses its determination earlier than November 1.
Trump first introduced commerce tariffs in opposition to international locations, particularly China, in April 2025, stunning cryptocurrency and inventory markets. Following this determination, the value of Bitcoin fell to round $77,000.
Bitcoin value at a look
As of this writing, the value of Bitcoin is round $112,581, down 7.6% within the final 24 hours. The flagship cryptocurrency has fallen greater than 8% over the previous seven days, in keeping with knowledge from CoinGecko.
The worth of Bitcoin on the day by day timeframe | Supply: BTCUSDT chart on TradingView
Featured picture from iStock, chart from TradingView
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