The price of Bitcoin and the overall cryptocurrency market suffered one of the biggest crashes in history again in 2025. The top cryptocurrency, which struggled throughout the day on Friday, October 10, finally succumbed to bearish pressure after US President Donald Trump announced 100% tariffs on Chinese imports.
The rest of the cryptocurrency market also faced significant downward pressure, with prices of other large assets plummeting following news of the U.S. tariffs. According to data from CoinGlass, the largest single-day liquidation event in history wiped out nearly $10 billion worth of open interest from the cryptocurrency market.
Trump imposes 100% tariffs on Chinese products
In a post on the Truth Social platform on October 10, President Trump declared 100% trade tariffs on Chinese goods, higher than the tariffs currently paid. President Trump said the tariffs were a result of China’s attempt to restrict exports of rare earth minerals essential for making computer chips.
Trump said:
It has recently been revealed that China is taking a very aggressive stance on trade, sending an extremely hostile letter to the world stating that starting November 1, 2025, it will implement massive export controls on almost all products it produces, some of which are not even made in China.
Source: @realDonaldTrump on Truth Social
Trump claims that China’s decision to implement these export controls affects all countries and is a plan designed by China years ago. The United States will implement export controls on all critical software on or before November 1, following China’s additional actions, the president wrote on Truth Social.
According to recent reports, President Trump later said he was still open to a meeting with Chinese President Xi Jinping. The US president said he could raise trade tariffs if China reverses its decision before November 1.
Trump first announced trade tariffs against countries, especially China, in April 2025, shocking cryptocurrency and stock markets. Following this decision, the price of Bitcoin fell to around $77,000.
Bitcoin price at a glance
As of this writing, the price of Bitcoin is around $112,581, down 7.6% in the last 24 hours. The flagship cryptocurrency has fallen more than 8% over the past seven days, according to data from CoinGecko.
The price of Bitcoin on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
editing process for focuses on providing thoroughly researched, accurate, and unbiased content. We adhere to strict sourcing standards, and each page is diligently reviewed by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of the content for readers.
