The Bitcoin price and the entire crypto market suffered one of the biggest crashes in history again in 2025. The premier cryptocurrency, which had been struggling all day on Friday, October 10, eventually succumbed to bearish pressure after United States President Donald Trump announced 100% tariffs on Chinese imports.
The rest of the cryptocurrency market also faced significant downward pressure, with the prices of other large-cap assets nosediving following the US tariff news. According to data from CoinGlass, nearly $10 billion worth of 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 October 10 post on the Truth Social platform, Trump declared a 100% trade tariff on Chinese goods, over and above any tariff that they are currently paying. Trump said the tariffs were in response to China’s attempt to place export restrictions on rare earth minerals, which are crucial for creating computer chips.
Trump said:
It has just been learned that China has taken an extraordinarily aggressive position on Trade in sending an extremely hostile letter to the World, stating that they were going to, effective November 1, 2025, impose large-scale Export Controls on virtually every product they make, and some not even made by them.
Trump claims that China’s decision to impose these export controls affects all countries and was a plan devised by them years ago. The US will impose Export Controls on any and all critical software on November 1, or sooner, depending on further actions by China, the President wrote on Truth Social.
According to recent reports, Trump later said that he is 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 walks back on its decision before November 1.
Trump first announced the imposition of trade tariffs on countries, specifically China, in April 2025, sending shockwaves through cryptocurrency and equities markets. This decision was followed by the downturn of the price of Bitcoin to around $77,000.
Bitcoin Price At A Glance
As of this writing, the price of Bitcoin stands at around $112,581, reflecting a 7.6% decline in the past 24 hours. According to data from CoinGecko, the flagship cryptocurrency is down by over 8% in the last seven days.
