Crypto crash: Bitcoin and Ethereum plummet after Trump imposes 100 per cent tariffs on China [View all]

Source: The Independent

Saturday 11 October 2025 10:48 BST


Two major cryptocurrencies have crashed after Donald Trump imposed 100 per cent tariffs on “any and all critical software” from China, as trade tensions continue escalate between the two countries.

Bitcoin and Ethereum both saw record liquidations as investors reacted to fears over a trade war, which saw many crypto investors move their money to stablecoins or safer assets.

In the last 24 hours, Bloomberg reports that bets worth more than $19bn have been wiped out, with Trump’s announcement on X sparking a decline of more than 12 per cent in Bitcoin.

In a post to his Truth Social platform on Friday, the US president said Beijing had sent an "extremely hostile letter to the world" and imposed "large-scale export controls on virtually every product they make".

Read more: https://www.independent.co.uk/news/business/crypto-bitcoin-crash-trump-china-tariff-b2843621.html