Bitcoin plunged below $110,000 after Trump announced sweeping tariffs on China on Friday, reigniting fears of a broader trade and market sell-off.
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US President Donald Trump announced a 100% tariff on China on Friday, sending the price of Bitcoin (BTC) reeling below $110,000 at this writing.
Trump said the tariffs were in response to China attempting to place export restrictions on rare earth minerals, which are crucial for creating computer chips. Trump wrote on Truth Social:
“It has just been learned that China has taken an extraordinarily aggressive position on Trade in sending an extremely hostile letter to the World, stating that they were going to, effective November 1, 2025, impose large-scale Export Controls on virtually every product they make.”
Trump’s first tariff announcements in April sent shockwaves through crypto markets and sparked fears of a recession.
This is a developing story, and further information will be added as it becomes available.
