(qlmbusinessnews.com . Sat 11th Oct, 2025) London, UK —
Cryptocurrency Market Rocked: $9.4 Billion Liquidated Amid US-China Trade War
Bitcoin Faces Sharp Decline to $102,000 on Binance After Trump's Tariff Bombshell on China
Bitcoin's valuation took a nosedive to $102,000 on the Binance futures market, following an announcement on Friday by US President Donald Trump imposing a draconian 100% tariff on Chinese imports. This move has reignited anxieties over a potential widespread market sell-off and trade hostility.
President Trump justified the impactful tariffs as a retaliation to China's move to restrict exports of rare earth minerals, vital components in the fabrication of computer chips. Via a post on Truth Social, Trump expressed his concerns: “It has just been learned that China has adopted an extraordinarily aggressive stance on Trade by issuing an extremely hostile letter to the World. They declared their intentions to, from November 1, 2025, enforce extensive Export Controls on nearly every product they manufacture.”
The cryptocurrency industry felt immediate repercussions from Trump’s tariff declaration made in April, sparking a market-wide fear of recession.
Bitcoin Plummets to a Three-Month Low
Leveraging the momentum of Trump’s recent proclamation, the BTC/USDT trading pair on the Binance platform slumped to a three-month low of $102,000. This distressing drop mirrors a similar downturn back in late June when Bitcoin values dipped below the $100,000 mark.
Spot prices for Bitcoin on Coinbase also witnessed a significant fall, reaching a daily low of $107,000. Data from CoinGlass illustrated a staggering $9.40 billion in total market liquidations over the previous 24 hours, with a substantial $7.15 billion from leveraged long positions.
The broader cryptocurrency arena wasn’t spared from the devastation either, with Ether and SOL experiencing significant depreciation on Coinbase and Binance futures trading pairs, respectively. Analysts at Hyblock Capital lamented, “Global 2x leverage on most altcoins was entirely obliterated.”
Impact of Tariff Decisions and Access to Chips
The imposition of export restrictions by China on vital rare earth elements poses a significant threat to the global supply chain for semiconductors, necessary for the advancement of AI, high-performance computing, and the infrastructure supporting crypto mining.
In parallel, US actions aimed at restricting Chinese technological exports and investments are indicative of a strategic effort to diminish reliance on overseas manufacturing.
The ripple effect of Trump's tariff announcement led to a market-wide downturn, with Ether and Solana also registering notable losses, plummeting 12% and 14% respectively.
As of the latest updates, the global cryptocurrency market capitalization stands at $3.64 trillion, marking an 11.80% downturn within the last day alone, underscoring the extensive impact of geopolitical tensions on financial markets, particularly within the cryptocurrency domain.
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