The global crypto market took a nosedive late Friday after US President Donald Trump decided to take “make things even more awkward” to a whole new level by announcing some serious new tariffs and export controls on China. It’s as if someone handed him a giant tariff button and told him to press it because, well, why not?
In a rather subtle statement posted online, Trump informed everyone that the US would be imposing a 100% tariff on all Chinese imports starting November 1, citing what he described as Beijing’s “extraordinarily aggressive” move to impose export controls on literally everything they make-because that’s just what the world needs right now. A global trade standoff, right? 🤦♂️
US and China Enter Their Biggest Trade War Since 2019 (Because Who Needs Peace Anyway?)
The announcement sent the crypto world into a frenzy. Within hours, the total cryptocurrency market capitalization fell from around $4.25 trillion to $4.05 trillion, which is like finding out your piggy bank is suddenly $200 billion lighter. Just *poof*. Gone. Thanks, Trump! 💸
Bitcoin, the “King of Crypto,” plummeted 10%, falling from $122,000 to a mere $107,000. Ethereum, XRP, and BNB all took a 15% dive. Yikes. Talk about a crypto hangover. 🍻
This new wave of losses comes just hours after Trump’s earlier post, in which he cancelled a meeting with Chinese President Xi Jinping. And then, like the cherry on top of a collapsing economy sundae, he threatened a “massive” tariff increase. Because, apparently, diplomacy is overrated. ✌️
The initial tantrum sent the crypto market into a tailspin, wiping out $125 billion in value and nearly $800 million in leveraged positions. (Good luck explaining that to your crypto wallet.)
However, the latest announcement seems to have moved the situation from “we’re just yelling at each other” to “we’re actively building the world’s largest trade war,” with tariffs now at insane levels and even more restrictions on software and technology. Because why limit yourself to just trade wars when you can add in some tech drama too? 🖥️
This isn’t just an abstract trade tiff anymore; it’s full-scale warfare, and it’s making the market’s collective knee-jerk reaction look like a beginner’s improv class. In short: “Risk-off” mode is in full swing, and no one is winning right now.
Experts are quick to warn that these tariffs and export restrictions might end up straining global tech supply chains-especially in critical areas like semiconductors, AI, and blockchain infrastructure. Because, naturally, digital assets rely heavily on those. Now, with an uncertain future for tech, who could possibly predict where crypto is headed next? (Spoiler: No one.)
The timing of all this escalation completely blindsided the markets, making them feel like they were just handed a “Lose All Your Money” card in Monopoly. Bitcoin is now testing those oh-so-important psychological levels, and altcoins are just trying to survive the storm with some heavy-duty selling happening.
Traders, meanwhile, are holding onto their seats and hoping they don’t get whiplash over the weekend. The next big question is: Will Beijing retaliate or will they throw in a curveball and open the door for talks before November 1? Stay tuned. It’s gonna be a wild ride. 🎢
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2025-10-11 02:31