The cryptocurrency market experienced one of its most intense sell-offs in history following President Donald Trump’s announcement of a 100% tariff on all Chinese imports. Within 24 hours, more than $9.5 billion was liquidated, 1.4 million traders faced losses, and major cryptocurrencies plunged sharply before partially recovering.
Bitcoin fell by 12%, dropping from $121,000 to $105,896 before bouncing back to around $114,000. Ethereum took a harder hit, tumbling 18% to $3,574. Other digital assets including Solana, XRP, Dogecoin, and Cardano saw declines ranging from 25% to 45%. The largest single liquidation recorded was an $87.5 million Bitcoin long on HTX. Binance, Bybit, OKX, and HTX all reported billions wiped from their platforms, while Hyperliquid faced over $400 million in forced sales. Analysts noted that the speed and scale of the crash eclipsed previous events, including FTX and market turbulence during the Covid pandemic.
The turmoil began a day earlier when China restricted exports of rare earth elements, which account for 70% of global supply. Concerns about a new trade war intensified when Trump issued a warning about “massive new tariffs” on Chinese goods, later confirming that the measures would take effect on 1 November. He also announced limits on exports of certain critical software.
US financial markets reacted sharply. Within minutes, the S&P 500 lost $700 billion in value, closing down 2.7%. The Nasdaq 100 technology index dropped 3.5%, while the US dollar weakened and oil prices fell more than 4%. Investors quickly assessed the implications of heavy reliance on Chinese imports, and the ripple effect spread across both equities and digital assets.
Among the cryptocurrencies affected, ICP stood out. Following the initial dip, $ICP almost fully recovered, offering opportunities for buyers to acquire tokens at lower prices. In contrast, Ethereum has yet to regain its previous levels, highlighting ICP’s relative resilience in volatile conditions.
Traders and analysts are now closely monitoring developments in trade policy and the potential impact on global markets. While the immediate losses were severe, the bounce in Bitcoin and ICP suggests that liquidity and investor interest remain strong despite the sudden shock.
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