Trump imposition of tariffs on China triggered a 13% collapse in the cryptocurrency market
On October 10, the Nobel Peace Prize ceremony took place in Norway, where former U.S. President Donald Trump was among the contenders. Although he did not win the award, he made the day unforgettable for many crypto enthusiasts.
Following China’s announcement of tighter export controls on strategic raw materials, Trump declared the cancellation of a planned meeting with Chinese President Xi Jinping and introduced a 100% tariff on Chinese goods starting November 1.
Major stock indices reacted with sharp declines: DOW fell 1.9%, S&P 500 dropped 2.7%, and NASDAQ plunged 3.6%.
Liquidations exceed $9 billion
The impact was far more dramatic in the crypto sector, where the market lost nearly 13% in just minutes. Bitcoin briefly dipped to $104,700, while many altcoins saw losses of 20–30% or more in market capitalization.
Panic swept through the market as retail traders tried to capitalize on the drop, while long-term holders sought to minimize losses—but many failed due to overloaded trading platforms.
Crypto liquidations map for the past 4 hours. Source: CoinGlass
According to CoinGlass, crypto exchange liquidations over the past few hours reached nearly $9 billion, led by long positions in Bitcoin ($2.3B), Ethereum ($2B), Solana ($749M), and XRP ($478M).
Veteran traders compared the events to 2021, when similar crashes followed China’s cryptocurrency ban. Still, some investors viewed this plunge as a rare buying opportunity, as several assets have since begun to recover.
As we wrote, Bitcoin advocate Maria Corina Machado wins Nobel Peace Prize
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