This Friday, Donald Trump announced 100% customs duties on all Chinese products, in response to a trade offensive from Beijing. The reaction was not long in coming, as bitcoin fell below $110,000, falling to $102,000 on Binance, its worst performance since the end of June. The crypto market therefore turned red in widespread panic.
In brief
- Donald Trump relaunches the trade war with the announcement of 100% customs duties on all Chinese products.
- Bitcoin reacted immediately, falling to $102,000 on Binance, its lowest level since late June.
- The entire crypto market is falling into the red, with more than $9.4 billion in positions liquidated in 24 hours.
- The crypto sector could enter a new phase of uncertainty, at the intersection of geopolitics and digital sovereignty.
A sudden fall fueled by panic
The crypto market, affected by trade tensions, suffered a brutal decline, triggered by a statement from Donald Trump. In a message published on his Truth Social platform, the American president accused China of exploiting a dominant position in rare earths, capital materials for the technological and military industry.
The American president declared : “We have just learned that China has adopted an extraordinarily aggressive stance on trade, sending an extremely hostile letter to the world, indicating that they will, from 1er November 2025, impose massive export controls on virtually every product they make”. In response to the move, Trump announced that the United States will impose a 100% tax on all products imported from China, a move that raises the specter of a new trade war with potentially profound economic implications.
The reaction from the crypto market was immediate and violent. Bitcoin plunged to $102,000 on Binance, a level not seen since the end of June. The BTC/USD spot pair on Coinbase hit an intraday low at $107,000. The domino effect on the market was amplified by a wave of massive liquidations :
- $9.4 billion in positions liquidated in 24 hours;
- $7.15 billion in leveraged long positions;
- Ether (ETH) fell to $3,500;
- Solana (SOL) fell below $140.
This large-scale correction shows the extent to which the crypto market, still largely dominated by leveraged derivatives, remains vulnerable to the slightest geopolitical shock. This Friday's episode once again illustrates the degree of interconnection between the political sphere and crypto volatility.
A geopolitical escalation that revives the specter of the trade war
Beyond the figures, it is the stated political intentions that concern investors. In another passage in his publication, Trump was openly hostile to any dialogue with his Chinese counterpart.
“There is no reason to argue with Xi Jinping”, he writingwhile asserting that the United States possessed “twice as many elements as those that China monopolizes“. These remarks mark a rhetorical turning point, removing any prospect of diplomatic de-escalation.
The tone is set, as the president adopts a protectionist posture, potentially heralding a new era of economic confrontation between the two main world powers.
Market analysis confirms that this change is beginning to profoundly modify expectations. Thus, the mere threat of a new wave of tariffs was enough to push bitcoin below $110,000, while the entire crypto market turned red.
Beyond the fall in the prices of bitcoin and other cryptos, it is the macroeconomic outlook that is darkening. A rise in protectionism could lead to a slowdown in global trade, further disruptions in supply chains, and a widespread increase in market volatility. In this context, speculative assets like cryptos become particularly vulnerable.
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