The cryptocurrency market, and world’s largest token Bitcoin, were down for a second consecutive day, on October 12, after markets crashed following United States President Donald Trump’s additional 100 per cent tariffs on China.

Cryptocurencies market capitalisation is down to $3.7 trillion from record $4 trillion seen last week. The trading volume is at $250.02 billion, according to CoinMarketCap data.

Why is the crypto market down on October 12?

According to CoinMarketCap analysis, the broader crypto market fell 0.89 per cent over the last 24h, extending a seven-day decline of 11.5 per cent.

As per the analysis, the main reasons are geopolitical shock from Donald Trump’Trump’s additional 100 per cent tariffs on China and limit on US software exports. There is also fears of a trade war if China retaliates.

Cryptocurrencies saw their largest liquidation worth $19 billion on October 11, following Donald Trump’s announcement. The equity and crypto markets crashed as investors rushed to safe haven options such as gold and silver amid the volatility and uncertainty.

Traders wary of crypto: What is the support level to watch?

Among traders, the analysis reported that open interest dropped 18 per cent as traders exited risky positions, indicating low appetite for the investment.

As per the analysis the fall is a “combination of macro shockwaves and extreme leverage”, which created crypto’s worst day since Q1 2025. It added that traders should monitor whether Bitcoin holds $1,10,000 support and if ETF inflows resume post-selloff.

Crypto prices today: Bitcoin, Ethereum

As per data on CoinMarketCap, Bitcoin was at $1,11,122.51 down 1 per cent over the past 24 hours and 10.38 per cent over the past seven days. Market cap was also down close to 0.90 per cent to $2.22.21 trillion, with trading volumes down 45.84 per cent over the past 24 hours to $94.71 billion.

And the world second largest cryptocurrency Ethereum was at $3,798, down 0.39 per cent from the previous day, with market cap at $458.43 billion and trading volume down 50 per cent to $54.44 billion.