October 11, 2025..
The global cryptocurrency market dropped again late Friday after U.S. President Donald Trump announced new comprehensive tariffs and export restrictions on China, increasing tensions to their highest level since 2019.
In a statement posted online, Trump said the United States would impose a 100% tariff on all Chinese imports starting November 1, referring to what he described as an "exceptionally aggressive" move by Beijing to impose broad export restrictions on "almost every product they make."
The United States and China enter their largest trade war since 2019.
The announcement led to an immediate disruption in the market. Within hours, the total market capitalization of cryptocurrencies dropped from around 4.25 trillion dollars to 4.05 trillion dollars, resulting in nearly 200 billion dollars in value being wiped out, according to CoinGecko.
Bitcoin crashed by 10% to 107,000 from 122,000. Ethereum, XRP, and BNB fell by more than 15%.
This second wave of losses comes just hours after Trump canceled a planned meeting with Chinese President Xi Jinping and threatened a "massive" increase in tariffs.
The initial statement caused the first major sell-off, wiping out around 125 billion dollars from the value of cryptocurrencies and more than 800 million dollars in leveraged positions.
