The cryptocurrency market experienced a single-day liquidation of 19.3 billion! Trump's 18 trillion tariffs in 10 months have become the biggest 'black swan' in the crypto market.
Experts are collectively silent! Who would have thought that Trump's tariff stick would become the 'trader' of the cryptocurrency market's ups and downs?
In just 10 months, he collected 18 trillion dollars in tariffs, a shocking answer sheet from Trump—considering that the total tariffs under the Biden administration over four years were less than 1 trillion, an 18-fold difference that directly rewrote the global trade pattern and turned the crypto market upside down.
Since the implementation of 'reciprocal tariffs' in April 2025, U.S. tariffs on China have surged to 145%, causing a collective shock in global risk assets. The cryptocurrency market was hit hardest: on October 10, a single-day liquidation of 19.3 billion dollars occurred, with 1.67 million traders forced to close positions. Bitcoin plummeted 15% to below 104,000 dollars, while Ethereum, Dogecoin, and others fell more than 20%. The stablecoin USDe temporarily depegged to 0.65 dollars, marking a historical disaster in the cryptocurrency space.
Why could the tariff storm precisely impact the crypto market? The core reason lies in Trump's trade policy, which has completely rewritten the logic of liquidity: the global risk-averse sentiment triggered by tariffs has caused funds to flee high-risk assets wildly, while the high leverage characteristic of the crypto market has magnified this volatility instantly, forming a transmission chain of 'tariff escalation → U.S. stock market fluctuations → chain liquidations in the crypto market.'
But the reversal came even faster! When U.S.-China economic and trade negotiations released signals of easing, the tariff conflict cooled down, and the crypto market welcomed a strong counterattack: Bitcoin surged 4% in a single day, returning to 115,000 dollars, while Ethereum, SOL, and other cryptocurrencies saw increases of over 10%. Funds flowed back into the crypto market from risk-averse assets, showcasing an extreme 'roller coaster' market.
From plummet to surge, the crypto market has proven in the most brutal way that Trump's tariff policy has long become the core variable affecting the crypto market. Without the election in November 2024, there wouldn't be a president willing to use tariffs as a weapon, and there wouldn't be the current extreme pattern of 'tariffs determining rises and falls' in the crypto market.
Moving forward, as long as Trump's tariff policy continues, the high volatility in the crypto market will not stop. What should be focused on now is not the experts' rise and fall predictions, but every detail of the U.S.-China tariff negotiations—after all, the next 19.3 billion-level liquidation or surge may be hidden within new tariff policies.
