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On the night of October 10-11, the cryptocurrency market experienced its largest decline in recent months. The prices of leading coins fell by 30-60%, and Bitcoin’s price fell by almost $10,000 overnight, according to CoinDesk, News.Az reports.
The collapse was triggered by Donald Trump’s threats to impose new tariffs on Chinese goods.
Over the past 24 hours, Bitcoin fell from $123,500 on the morning of October 10 to $112,200 by the morning of October 11. Meanwhile, on the night of October 11, the price of the leading cryptocurrency fell to $104,900, according to Binance data.
Due to the market crash, traders betting on the crypto market’s bullishness lost over $7 billion, CoinGlass reports . However, the total losses could be much higher.
A similar situation was observed with other cryptocurrencies, which lost 30–60% in value.
Weakness in the crypto market continued throughout Friday, but the main blow came from the United States late in the evening, Bloomberg notes . That’s when US President Donald Trump wrote on his Truth Social page that he would impose 100% tariffs on goods from China, including software, starting November 1 or earlier.
The US president attributed his decision to China’s “extremely aggressive stance.” Beijing had previously tightened export controls on rare earth metals, prompting Trump’s sharp reaction: China accounts for approximately 70% of the world’s rare earth metal supplies.