$250M Liquidated per Hour: Bitcoin Crash Below $120K as Trump Threatens China

Liquidations could amount to $250 million in just an hour.

Bitcoin’s price has deteriorated in the past hour after US President Donald Trump threatened China with a new set of tariffs.

The POTUS said Beijing is “very hostile” and said he always felt they were lying.

PRESIDENT TRUMP STATEMENT ON CHINA NOW:

1. China becomes “very hostile” and controls rare earth elements

2. “I’ve always felt that China is lying, and now, as usual, I’ve been proven right”

3. China “holds the world captive” in a “monopoly position”

4. There is “no…

— The Kobeissi Letter (@KobeissiLetter) October 10, 2025

Given his other negative comments toward China and its regime, Trump returned to his playbook and threatened to impose a “massive increase in tariffs” on products produced in the Asian country.

While the financial markets have seen such statements before, the impact has been quite immediate in terms of price action, especially in crypto.

Bitcoin, which charted a new all-time high just days ago, had settled around $121,300 before the tables turned, falling more than two thousand dollars to just over $119,000.

Many altcoins followed suit, with ZEC, MNT, TAO, M, PUMP, LTC, BONK and PENGU falling more than 4% within an hour.

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It’s no surprise then that the total value of the destroyed positions rose to $250 million in the last hour alone. On a daily scale, liquidations amount to almost $600 million, with more than 155,000 traders going bankrupt.