Crypto got absolutely hammered Friday morning after Trump announced 100% tariffs on critical software imports from China, escalating the trade war between the two countries. Bitcoin tanked 8% down to around $110,841 , while Ethereum got destroyed even worse, dropping 15% to $3,792 .
The meltdown happened after China announced it was slapping export controls on rare earth minerals starting November 1st. Trump fired back on Truth Social, saying China’s move was “ extraordinarily aggressive ” and totally unprecedented in international trade. He responded by threatening 100% tariffs on basically everything China sends over, effective November 1st as well.
The crypto market didn’t handle the news well at all. Bitcoin saw $9.5 billion in liquidations when it failed to hold support at $120,000. XRP got hit the hardest among major tokens, falling 22.85% to $2.43 . Ethereum dropped 15.62%, Binance Coin fell 6.6%, and even Tether dipped slightly.
Bitcoin’s market cap fell 8.12% to $2.23 trillion, while Ethereum’s dropped 13.81% to $456.97 billion. The entire crypto market basically seized up as traders panicked about what trade war escalation means for tech stocks and the broader economy.
This kind of geopolitical risk usually sends investors running toward safe havens like gold, but crypto’s getting treated as a risky asset instead. The combination of trade tension and economic uncertainty is basically the worst-case scenario for speculative investments.
Conclusion
Bitcoin crashed 8% to $110,841, while Ethereum fell 15% to $3,792 after Trump announced 100% tariffs on Chinese software imports, triggering $9.5 billion in liquidations.
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