Trump’s 100% China Tariff Announcement Triggers Massive Crypto Sell-Off

A crypto apocalypse unfolded as Bitcoin’s price plummeted and exchanges locked up, with some coins experiencing a 10-fold drop.

Entering the weekend, the 100% tariff announced by Trump on China created a shockwave in the markets. While US stock markets tumbled, the cryptocurrency market experienced an apocalypse.

Last week, Bitcoin, which had pleased its investors by breaking an all-time record, had begun to show signs of recovery along with the broader cryptocurrency market. In particular, the expectation of a second interest rate cut by the FED within the month had given investors hope.

Bitcoin witnessed an apocalypse

However, the spring-like atmosphere did not last long. After trade salvos from the Chinese side to the US, an angered Donald Trump announced that a 100% tariff would be imposed as of November 1st, and all hell broke loose.

Bitcoin lost nearly 25%, dropping to the $101,000 level. It then recovered to the $113,000 level. All of this happened within a 20-minute timeframe. Countless altcoins experienced value losses of between 95-99%, followed immediately by rises of up to 200%.

On the futures side, unbelievable things happened. Cosmos fell from the $2 level to $0.001, while Ethfi dropped from $1.5 to $0.08. Major exchanges like Binance and MEXC locked up, preventing trades for an extended period.

In this apocalyptic scenario, it is reported that a total of 1.5 million users were liquidated on futures exchanges, and nearly $20 billion in long positions were liquidated. Some experts believe that a worse crash than the pandemic period has occurred and that the definition of the Great Reset has become a reality.

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