US President Donald Trump’s statement on more tariffs on China triggered a massive selloff in Bitcoin price, Ethereum, BNB, XRP, Solana and other crypto assets.
This caused a broader crypto market crash on Friday. The global crypto market cap pared also gains and tumbled back to $4 trillion, erasing $150 billion from the market within an hour.
The sentiment dropped as multiple factors, such as crypto options expiry and macro fears, acted together.
Bitcoin price (BTC) tumbled below $119K as traders and investors moved to sell. In an hour, it fell 2% from $121.3K to $118.5K.
Ethereum price (ETH) broke multiple support levels and fell below $4,100, witnessing huge liquidations in just an hour.
Top altcoins BNB, XRP, Solana (SOL), Cardano (ADA), and Hyperliquid (HYPE) fell 3-5% in just an hour, extending their 24-hour fall.
Meme coins Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe Coin (PEPE) tumbled over 5%. Trump family’s WLFI, DoubleZero (2Z), Mantle (MNT), and Plasma (XPL) are down more than 15% in the last 24 hours.
Donald Trump Sparks US-China Trade Jitters
US President Donald Trump threatened countermeasures against China, such as a massive increase in tariffs on Chinese products.
Fears over renewed trade war erased $1.2 trillion market cap from S&P 500, The Kobeissi Letter reported on October 10.
Trump also said there is “no reason” to meet Chinese President Xi anymore. Today’s statement was largely centered around rare earths, which continued to be an important topic for President Trump.
Trump claimed China is holding the World “captive” by quietly amassing a monopoly position in magnets and other elements.
He said it is a hostile move and other countries are also extremely angry at this great trade hostility.
The 10-year US Treasury yield fell 4.071% after climbing above 4.15% in previous sessions this week. Also, the U.S. Dollar Index (DXY) dropped 0.63% to 98.91 after Trump’s statement.
Crypto market crash followed as investors were already anticipating a fall amid the rising profit booking.
Also, declining spot ETF inflows, reports on confirmed CPI data release next week, and economic concerns amid the prolonged US government shutdown led to market crash jitters.
Long-term holders and whales book profits to prevent liquidations of their positions, on-chain data platform Lookonchain revealed.
Also, some whales lost millions as their long positions got liquidated as Bitcoin price fell below $119K.
Some believe the current retracement will help reset leverage. It will be crucial to see whether buyers step in. Experts predicted a Bitcoin price fall $100K.
Massive Bitcoin, ETH, XRP, SOL, DOGE, XPL Crypto Liquidations
The crypto market saw a massive $500 million in liquidations in just an hour, according to Coinglass data.
Notably, nearly $450450 million in long positions and $50 million in short positions were liquidated over the past hour.
This is turning into a bigger crypto market crash amid continued liquidations with no signs of buy-the-dip.
More than 210K traders were liquidated in the last 24 hours, with the largest single liquidation order of BTC-USDT worth $15.49 million on Hyperliquid.
As per data, ETH, BTC, SOL, WLFI, XRP, BNB, HYPE, DOGE, XPL, WLFI, ENA recorded the largest liquidations. In total, over $900 million was liquidated across top crypto assets.
