Prices of Bitcoin, Ethereum and most other cryptocurrencies crashed after United States President Donald Trump on October 10 said that he is raising US tariffs 100 per cent on “any and all critical software” imports from China.

The decision came after China announced export limits on rare earth minerals, which are critical for manufacturing, especially tech, as per a Reuters report.

Bitcoin slumps around 8%, ethereum down 12%

At 6.10 am, at time of writing, Bitcoin was down 7.60 per cent to $1,12,592.31 and Ethereum dropped 12.24 per cent to $3845.92 , according to data on CoinMarketCap.

As per the CoinMarketCap analysis, the world’s largest cryptocurrency saw $9.5 billion liquidations amid failed support at $1,20,000 level.

Crypto market update: Top 5 tokens

• Bitcoin at 6.45 am was down 8.40% to $111,841.14, with market cap also down 8.12 per cent to $2.23 trillion.
• World’s second largest crypto, Ethereum was down 15.62% to $3,792.31, with market cap down 13.81% to $456.97 billion.
• Tether is down 0.1% to $1, with market cap down 0.28% to $178.97 billion.
• Binance coin was down 6.6% to $1,094.09, with market cap down 12.91% to $152.27 billion.
• XRP was down 22.85% to $2.33, with market cap down 16.31% to $140.19 billion.

Why did crypto market crash? What Trump said…

In a post on Truth Social, Donald Trump announced that he was unhappy with China’s stance on export of rare earth minerals and called it an “extraordinarily aggressive position”.

Donald Trump wrote, “It has just been learned that China has taken an extraordinarily aggressive position on Trade in sending an extremely hostile letter to the World, stating that they were going to, effective November 1st, 2025, impose large scale Export Controls on virtually every product they make, and some not even made by them. This affects ALL Countries, without exception, and was obviously a plan devised by them years ago. It is absolutely unheard of in International Trade, and a moral disgrace in dealing with other Nations.”

“Based on the fact that China has taken this unprecedented position, and speaking only for the U.S.A., and not other Nations who were similarly threatened, starting November 1st, 2025 (or sooner, depending on any further actions or changes taken by China), the United States of America will impose a Tariff of 100% on China, over and above any Tariff that they are currently paying. Also on November 1st, we will impose Export Controls on any and all critical software,” he added.

He warned, “It is impossible to believe that China would have taken such an action, but they have, and the rest is History.”

Prices of Bitcoin, Ethereum and most other cryptocurrencies crashed after United States President Donald Trump on October 10 said that he is raising US tariffs 100 per cent on “any and all critical software” imports from China.

The decision came after China announced export limits on rare earth minerals, which are critical for manufacturing, especially tech, as per a Reuters report.

Bitcoin slumps around 8%, ethereum down 12%

At 6.10 am, at time of writing, Bitcoin was down 7.60 per cent to $1,12,592.31 and Ethereum dropped 12.24 per cent to $3845.92 , according to data on CoinMarketCap.

As per the CoinMarketCap analysis, the world’s largest cryptocurrency saw $9.5 billion liquidations amid failed support at $1,20,000 level.

Crypto market update: Top 5 tokens

• Bitcoin at 6.45 am was down 8.40% to $111,841.14, with market cap also down 8.12 per cent to $2.23 trillion.
• World’s second largest crypto, Ethereum was down 15.62% to $3,792.31, with market cap down 13.81% to $456.97 billion.
• Tether is down 0.1% to $1, with market cap down 0.28% to $178.97 billion.
• Binance coin was down 6.6% to $1,094.09, with market cap down 12.91% to $152.27 billion.
• XRP was down 22.85% to $2.33, with market cap down 16.31% to $140.19 billion.

Why did crypto market crash? What Trump said…

In a post on Truth Social, Donald Trump announced that he was unhappy with China’s stance on export of rare earth minerals and called it an “extraordinarily aggressive position”.

Donald Trump wrote, “It has just been learned that China has taken an extraordinarily aggressive position on Trade in sending an extremely hostile letter to the World, stating that they were going to, effective November 1st, 2025, impose large scale Export Controls on virtually every product they make, and some not even made by them. This affects ALL Countries, without exception, and was obviously a plan devised by them years ago. It is absolutely unheard of in International Trade, and a moral disgrace in dealing with other Nations.”

“Based on the fact that China has taken this unprecedented position, and speaking only for the U.S.A., and not other Nations who were similarly threatened, starting November 1st, 2025 (or sooner, depending on any further actions or changes taken by China), the United States of America will impose a Tariff of 100% on China, over and above any Tariff that they are currently paying. Also on November 1st, we will impose Export Controls on any and all critical software,” he added.

He warned, “It is impossible to believe that China would have taken such an action, but they have, and the rest is History.”