Crypto crash: Bitcoin and Ethereum plummet after Trump imposes 100 per cent tariffs on China
Why two major cryptocurrencies have plunged in value
- Donald Trump announced 100 per cent tariffs on "any and all critical software" from China, escalating trade tensions between the two countries.
- The tariffs, set to begin on 1 November 2025, were imposed in retaliation for China's new export controls on rare earths.
- Following Trump's announcement, major cryptocurrencies Bitcoin and Ethereum experienced record liquidations, with Bitcoin falling over 12 per cent and Ethereum 11.2 per cent.
- Other cryptocurrencies like XRP, DOGE, and Ada also saw significant drops, ranging from 19 per cent to 27 per cent.
- Wall Street stock markets recorded their biggest single-day losses since April, with the S&P 500, Dow Jones, and NASDAQ Composite all dipping significantly.