Bitcoin, Ethereum, Dogecoin Crash After Trump Tariffs
Crypto Market Crash: Bitcoin, Ethereum, and Dogecoin Plunge After Trump’s Tariff Announcement
The prices of Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) are plunging sharply today, triggering a wave of risk aversion across the crypto market. The selloff comes in response to former U.S. President Donald Trump’s announcement of new 100% tariffs on China, stoking fears of an all-out trade war between the world’s two largest economies.
Bitcoin, Ethereum, and Dogecoin Prices Drop Sharply
According to CoinMarketCap data, Bitcoin has tumbled to as low as $104,000, erasing its early October rally that had pushed it above its all-time high (ATH) near $126,000. Ethereum followed suit, sliding to $3,400, while Dogecoin sank below the key $0.20 psychological level, touching $0.11.
The sharp decline came after Trump posted on Truth Social that his administration would impose a 100% tariff on Chinese goods starting November 1, in addition to introducing export controls on critical software from China. His remarks initially sent Bitcoin falling below $120,000, before accelerating losses dragged the broader crypto market lower.
By mid-session, Bitcoin was trading near $116,000, with Ethereum and Dogecoin hitting intraday lows of $3,400 and $0.11, respectively. The plunge triggered the largest crypto liquidation event in history, with over $20 billion wiped out in 24 hours, according to CoinGlass — surpassing even the 2020 COVID-19 crash and the FTX collapse.
Exchange Liquidations May Have Deepened the Crash
Industry figures are pointing fingers at major crypto exchanges for exacerbating the downturn. Arthur Hayes, co-founder of BitMEX, claimed that auto-liquidation of collateral tied to cross-margined positions on big centralized exchanges (CEXs) may have amplified the selloff. He congratulated traders who managed to “buy the dip,” suggesting that many altcoins may not revisit these price levels soon.
Similarly, analyst Kevin Capital suggested that technical and liquidity issues at major platforms such as Binance, Coinbase, and Robinhood prevented traders from buying during the steepest declines — intensifying the crash’s impact.
