In 2025, the price of Bitcoin and the entire cryptocurrency market suffered another of its biggest crashes in history. After struggling all day on Friday, October 10th, the leading cryptocurrency finally succumbed to bearish pressure after US President Donald Trump announced a 100% tariff on imports from China.
Other crypto markets also faced significant downward pressure as prices of other large assets also plummeted following the US tariff news. Approximately $10 billion worth of open interest was wiped from the crypto market in the largest single-day liquidation event in history, according to data from CoinGlass.
President Trump imposes 100% tariffs on Chinese products
In an Oct. 10 post on the Truth social platform, President Trump declared that he would impose 100% trade tariffs on Chinese goods, exceeding the tariffs currently being paid. President Trump said the tariffs were a response to China’s efforts to impose export restrictions on rare earth minerals essential to making computer chips.
Mr. Trump said:
It turns out that China has taken a very aggressive position on trade, sending an extremely hostile letter to the world stating that starting November 1, 2025, it intends to impose massive export restrictions on almost all products manufactured by China, and even products not manufactured by China.
Source: @realDonaldTrump on Truth Social
President Trump has argued that China’s decision to impose these export restrictions affects all countries and was a plan hatched by China years ago. The US will impose export controls on all critical software on November 1st, or sooner depending on further actions by China, the president wrote in Truth Social.
According to recent reports, President Trump has since said he remains open to meeting with President Xi Jinping of the People’s Republic of China. The US president said trade tariffs could be lifted if China reversed its decision by November 1.
President Trump first announced that he would impose trade tariffs on countries, especially China, in April 2025, shocking the cryptocurrency and stock markets. Following this decision, Bitcoin price fell to around $77,000.
Bitcoin price overview
As of this writing, the price of Bitcoin is around $112,581, down 7.6% in the past 24 hours. The leading cryptocurrency has fallen more than 8% in the past seven days, according to data from CoinGecko.
The price of Bitcoin on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured images from iStock, charts from TradingView
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