In 2025, the worth of Bitcoin and the complete cryptocurrency market suffered one other of its largest crashes in historical past. After struggling all day on Friday, October tenth, the main cryptocurrency lastly succumbed to bearish stress after US President Donald Trump introduced a 100% tariff on imports from China.
Different crypto markets additionally confronted vital downward stress as costs of different giant property additionally plummeted following the US tariff information. Roughly $10 billion price of open curiosity was wiped from the crypto market within the largest single-day liquidation occasion in historical past, based on information from CoinGlass.
President Trump imposes 100% tariffs on Chinese language merchandise
In an Oct. 10 publish on the Reality social platform, President Trump declared that he would impose 100% commerce tariffs on Chinese language items, exceeding the tariffs at the moment being paid. President Trump mentioned the tariffs have been a response to China’s efforts to impose export restrictions on uncommon earth minerals important to creating laptop chips.
Mr. Trump mentioned:
It seems that China has taken a really aggressive place on commerce, sending a particularly hostile letter to the world stating that beginning November 1, 2025, it intends to impose huge export restrictions on virtually all merchandise manufactured by China, and even merchandise not manufactured by China.
Supply: @realDonaldTrump on Reality Social
President Trump has argued that China’s resolution to impose these export restrictions impacts all international locations and was a plan hatched by China years in the past. The US will impose export controls on all essential software program on November 1st, or sooner relying on additional actions by China, the president wrote in Reality Social.
Based on current reviews, President Trump has since mentioned he stays open to assembly with President Xi Jinping of the Individuals’s Republic of China. The US president mentioned commerce tariffs might be lifted if China reversed its resolution by November 1.
President Trump first introduced that he would impose commerce tariffs on international locations, particularly China, in April 2025, surprising the cryptocurrency and inventory markets. Following this resolution, Bitcoin worth fell to round $77,000.
Bitcoin worth overview
As of this writing, the worth of Bitcoin is round $112,581, down 7.6% up to now 24 hours. The main cryptocurrency has fallen greater than 8% up to now seven days, based on information from CoinGecko.
The value of Bitcoin on the each day timeframe | Supply: BTCUSDT chart on TradingView
Featured photos from iStock, charts from TradingView
