Friday has gone from bad to worse for crypto assets when US President Trump said he would impose an additional 100% duty on China and send prices that cascade lower in a flash accident.
Bitcoin Already weak at about $ 117,000 after Trump’s late morning comments about threatening China with tariffs, tumbled less than $ 110,000, down 12% over the last 24 hours. Ether Tanked 16% below $ 3,700 while other larger altcoins Solana and crashed 20%-30%. The native tokens of Chainlink and aave dropped as much as 40%
Friday’s meltdown of the market leads to over $ 7 billion in liquidation from dealers investing in higher prices, according to Coinglass.
The latest bloating in merchant tensions between us and China took place when Trump said he would increase customs duties in Chinese goods in response to China’s export control on rare earth metals. Then, after traditional markets closed for the week, he announced in a truth of the truth late Friday afternoon that he would impose another 100% duty from November 1st.
“On November 1, we will also impose export controls on any critical software,” he said.
Bitcoin fell $ 3,000 immediately at the time the post went live.
The violent price action was one for ages in which some analysts compared it to the market junction in March 2020 induced by Covid-19 Pandemic Lockdowns.
“Nukes at Covid level,” said prominent trader Bob Loukas about the crash in an X -post. “Wow, ugly, ugly action. But also a great candidate for mother of shakeouts,” he added.
“Brutal day,” said Ram Ahluwalia, founder of the investment company Lumida Wealth. “The Trump news combined with ‘overbought’ relationship led to a sharp decline.”
“I know there are a lot of emotions right now, and this flush is in the top 3 all the time,” posted well subsequent trader Pentoshi, adding that Altcoins fell as violently as during the Covid crash. “There are a lot of people in incredible pain right now, even included in it.”
“The ALTCOIN complex was definitely devised,” said Zaheer Ebtikar, founder and is CIO for Crypto Hedge Fund Split Capital. “We are at levels that are not seen in more than one year in terms of altcoins. Full leverage reset and market discovery.”
Read more: Trump Tariff threat against China sends Bitcoin Tumbling under $ 119K
Update (October 10, 2025, 21:55 UTC): Adds updated liquidation figure.
Update (October 10, 2025, 22:12 UTC): Adds comments from dealers.
