crypto currency market
US President Donald Trump dropped another tariff bomb this morning. The good thing is that this time Trump dropped the tariff bomb not on India but on his old rival China. The US President announced the imposition of 100 percent additional tariff on goods coming from China, after which there was an uproar in the American market. The crypto market was shaken. There was a huge decline in Bitcoin. Investors lost more than Rs 1.7 lakh crore in a single day
US President Donald Trump announced on his social media platform Truth Social that from November 1, 2025, the US will impose 100% tariffs on China in addition to the existing tariffs. Also, export controls will be applicable on all important software from the same day. Trump said the move was necessary because China was planning to impose comprehensive export controls on almost every product, which he called a dangerous precedent for international trade. Currently, America imposes 30% tariff on Chinese products, and after the new announcement the total tariff will be 130%.
crypto market decline
A huge decline was seen in the crypto market. After Trump’s announcement, the prices of major cryptocurrencies like Bitcoin and Ethereum fell rapidly. Today, Bitcoin fell by more than 10% and fell below $1,10,000. Then it improved slightly and reached $1,13,096. The other crypto currency Ethereum declined by 11.2% and came to $3,878. Besides, other cryptocurrencies like BNB, Solana and XRP also witnessed a decline of 14% to 18%.
Why did crypto prices fall?
In fact, China has said that it will stop the export of rare earths in the future. If this happens, its impact will again be visible in the American tech-auto market. In retaliation for this decision, President Trump today announced to impose 100 percent additional tariff on China. Now the question is why there was pressure in the crypto currency market due to the tariff decision, then the main reason behind it is crypto mining. Investors fear that this tension will harm crypto mining and technology.