The value 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 strain after US President Donald Trump introduced 100% tariffs on Chinese language imports.
The remainder of the cryptocurrency market additionally confronted vital downward strain, with costs of different giant belongings plummeting following information of the U.S. tariffs. In keeping with information from CoinGlass, the most important single-day liquidation occasion in historical past worn out almost $10 billion price of open curiosity from the cryptocurrency market.
Trump imposes 100% tariffs on Chinese language merchandise
In a publish on the Reality Social platform on October 10, President Trump declared 100% commerce tariffs on Chinese language items, increased than the tariffs presently 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 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 virtually all merchandise it produces, a few of which aren’t even made in China.
Supply: @realDonaldTrump on Reality Social
Trump claims that China's choice to implement these export controls impacts all nations and is a plan designed by China years in the past. The US will implement export controls on all essential software program on or earlier than November 1, following China's extra actions, the president wrote on Reality Social.
In keeping with current stories, President Trump later stated he was nonetheless open to a gathering with Chinese language President Xi Jinping. The US president stated he may elevate commerce tariffs if China reverses its choice earlier than November 1.
Trump first introduced commerce tariffs towards nations, particularly China, in April 2025, surprising cryptocurrency and inventory markets. Following this choice, the worth of Bitcoin fell to round $77,000.
Bitcoin value at a look
As of this writing, the worth 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 accordance with information from CoinGecko.
The value of Bitcoin on the every day timeframe | Supply: BTCUSDT chart on TradingView
Featured picture from iStock, chart from TradingView
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