Cryptocurrency tokens hit a record low overnight due to Trump’s decision

The cryptocurrency market suffered a sharp collapse on Friday after US President Donald Trump announced an additional 100% tariff on Chinese goods. Bitcoin fell below $ 110,000, down more than 10% in 24 hours, and other popular cryptocurrencies experienced an even deeper drop.

Ethereum, XRP, and Solana fell by 15−30%, demonstrating a large-scale panic sale in the crypto market. Friday’s collapse led to liquidations of more than $ 19 billion among traders who bet on rising prices, according to the CoinGlass platform.

Trade tensions between the United States and China escalated after Trump announced his intention to raise tariffs on Chinese goods in response to China’s export restrictions on rare earth metals. The situation deteriorated significantly when, after traditional markets closed late Friday afternoon, the president posted on Truth Social about an additional 100% duty.

Trump also announced that starting November 1, the US would impose export controls on any critical software. This decision came as a surprise to the markets and increased fears of a further escalation of the trade war between the world’s two largest economies.

The cryptocurrency market was already under pressure at the beginning of the trading session due to Trump’s previous threats of increased tariffs, but the final announcement of a 100% tariff caused a real collapse. Friday turned into one of the worst days for crypto assets ever, demonstrating the high sensitivity of digital currencies to geopolitical events.