Friday has gone from bad to worse for crypto assets as U.S. President Trump said he would impose an additional 100% tariff on China, sending prices cascading lower in a flash crash.
Bitcoin , already trading weak at around $117,000 following Trump’s late morning comments about threatening China with tariffs, tumbled below $110,000, down 12% over the past 24 hours. Ether tanked 16% below $3,700, while other major altcoins , solana and crashed 20%-30%. The native tokens of , Chainlink and Aave fell as much as 40%
Friday’s market meltdown lead to over $7 billion in liquidations from traders who bet on higher prices, according to CoinGlass.
The latest flare-up in trade tensions between U.S. and China occurred as Trump said he would increase tariffs in Chinese goods in response to China’s export controls on rare earth metals. Then, after traditional markets closed for the week, he announced in an Truth Social post late Friday afternoon that he would impose an additional 100% tariff starting on November 1.
“Also on November 1, we will impose export controls on any and all critical software,” he said.
Bitcoin fell $3,000 immediately at the time that post went live.
Read more: Trump Tariff Threat on China Sends Bitcoin Tumbling Below $119K
UPDATE (Oct. 10, 2025, 21:55 UTC): Adds updated liquidation figure.
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