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Crypto market recap: Bitcoin and Ethereum rebound after Trump tariff crash
The cryptocurrency market experienced one of its sharpest declines in 2025 following U.S. President Donald Trump’s announcement of 100% tariffs on Chinese software and technology imports. The unexpected statement, made on the evening of October 10, sent shockwaves through global financial markets, triggering a rapid wave of liquidations across centralized and decentralized exchanges.
Within hours, $16.7 billion in long positions and $2.5 billion in short positions were wiped out. Analysts from The Kobeissi Letter described the sell-off as a “perfect storm” fueled by low liquidity, high leverage, and panic-driven selling. Despite the steep fall—with some altcoins dropping by more than 90%—experts largely agree that the correction was technical rather than fundamental. Many see it as a necessary market purge that could clear the path for the next bullish phase.
Bitcoin: Reset refore the next climb
Bitcoin plunged from a new all-time high above $125,000 to around $104,000 in less than 24 hours, marking one of the most significant single-day corrections in its history. Trading data from CoinGlass showed that more than 1.6 million traders were liquidated, mostly from long positions clustered between $120,000 and $113,000. Yet institutional accumulation remains strong—demand from corporations and hedge funds continues to outpace miner supply, maintaining a long-term bullish outlook.
Analysts emphasize that the sudden drop acted as a liquidity reset, flushing speculative leverage and reinforcing key support zones around $103K–$108K. If BTC reclaims the $117K level, it could retest resistance at $124K and potentially reach $130K in the coming weeks. At the time of writing, Bitcoin trades near $111,800, showing a modest 1% gain over the past 24 hours.
BTC price dynamics. Source: TradingView
Ethereum: Resilience amid chaos
Ethereum mirrored Bitcoin’s sharp decline but quickly demonstrated remarkable resilience. ETH briefly dropped to $3,574 before stabilizing around $3,800, outperforming most altcoins. According to analyst CRYPTOWZRD, Ethereum’s swift rebound highlights growing buyer confidence, with $4,000 emerging as a crucial psychological level.
A successful breakout above this mark could confirm a bullish reversal and open the path toward $4,260 short-term resistance.
ETH/BTC has reached a critical support zone, and a rebound from this level would reaffirm Ethereum’s leadership among altcoins. Still, experts caution that Bitcoin’s movement will continue to dictate the broader market mood. On-chain metrics and open interest data suggest traders remain cautious but are gradually rebuilding positions as volatility declines.
Outlook: Purge, not collapse
While Trump’s tariff shock triggered a violent market reset, most analysts agree it does not mark the start of a bear market. The event reduced excessive leverage and exposed structural fragility but left crypto’s core fundamentals intact. If macroeconomic conditions stabilize and institutional demand remains strong, the October crash may ultimately be remembered not as the end of a bull run, but as the launchpad for Bitcoin and Ethereum’s next all-time highs.
Read also: Crypto Fear & Greed Index crashes to six-month low after Trump tariff shock
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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