Total crypto market cap tanks over 9% following Trump’s latest round of retaliatory tariffs on China
Crypto markets are tanking for the second time on Friday after President Donald Trump confirmed he would impose a 100% tariff on imports from China. Bitcoin dropped nearly 8% in the immediate aftermath of Trump's announcement, falling under the $105,000 level, with other majors faring even worse.
ETH, the native token for the second-largest blockchain, Ethereum, dropped nearly 12%, while the next three largest tokens by market cap, BNB, XRP, and SOL, fell by at least 11.9%, 17.6%, and 12.8%, respectively, according to The Block’s price page.
In fact, most tokens within the top 300 by market capitalization dropped down double digits. However, many have since slightly bounced back.
Crypto-related stocks are also deeply affected, with mining firm Bitdeer (ticker BTDR), stablecoin issuer Circle (CRCL), and Ethereum treasury firm Bitmine (BMNR) leading losses, according to The Block’s crypto stock prices page.
Trump announced via Truth Social that he will raise tariffs on China in response to a move from Beijing to tighten its control over its rare earth elements exports. The new tariffs are expected to begin Nov. 1 or sooner.
"It is impossible to believe that China would have taken such an action, but they have, and the rest is History. Thank you for your attention to this matter!" Trump said in a post on Truth Social. Of note, the Official Trump token (TRUMP) fell 30% to $5.41, an all-time low since launching in January.
The crypto market shed at least $125 billion when Trump first threatened countermeasures earlier on Friday. Crypto’s total market capitalization is down over 9% on the day to $3.8 trillion.
Daily liquidations of futures long positions on crypto exchanges crossed $7 trillion by 6:30 p.m. ET, according to The Block's data dashboard.
Liquidation figures are based on publicly available data, which could understate the true extent of market liquidations. In many cases, API limits and incomplete reporting practices result in only a fraction of actual liquidation activity being captured by data aggregators.
The GMCI 30, which represents a selection of the top 30 cryptocurrencies, was down 13% to 200.28.
Several users reported issues trading on certain exchanges.
"Due to heavy market activity, our systems are under high load. Some users may experience intermittent delays or display issues. We're actively monitoring the situation and working to resolve it. Funds are SAFU," Binance said shortly before 6 p.m. ET.
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