The Bitcoin price and the entire crypto market suffered another one of the biggest crashes in history in 2025. The leading cryptocurrency, which struggled all 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-cap assets taking a nosedive following the US tariff news. According to data from CoinGlass, nearly $10 billion in open interest was erased from the crypto market in the largest single-day liquidation event in history.
Trump imposes 100% tariff on Chinese goods
In an Oct. 10 post on the Truth Social platform, Trump said declared a 100% trade tariff on Chinese goods, on top of any tariff they currently pay. Trump said the tariffs were a response to China’s attempt to impose export restrictions on rare earth metals, which are crucial for making computer chips.
Trump said:
It has just been learned that China has taken an extremely aggressive stance on trade, sending an extremely hostile letter to the world stating that effective November 1, 2025, they will be imposing massive export controls on virtually every product they make, and some not even made by them.
Source: @realDonaldTrump on Truth Social
Trump claims that China’s decision to impose these export controls affects all countries and that it was a plan they devised years ago. The US will impose export controls on all critical software on November 1, or sooner depending on further actions by China, the president wrote on Truth Social.
According to recent reportsTrump later said he was still open to meeting with Xi Jinping, President of the People’s Republic of China. The US president said he could lift the trade tariff if China reverses its decision before November 1.
Trump first announced the imposition of trade tariffs on countries, especially China, in April 2025, sending shockwaves through the cryptocurrency and stock markets. This decision was followed by the drop in Bitcoin’s price to around $77,000.
Bitcoin price at a glance
At the time of writing, Bitcoin’s price stands at around $112,581, reflecting a decline of 7.6% in the past 24 hours. According to data from CoinGecko, the flagship cryptocurrency is down more than 8% over the past seven days.
The price of Bitcoin on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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