Bitcoin Fell After Trump Announced China Tariffs

The crash began after U.S. President Donald Trump announced an additional 100% tariff on Chinese imports and threatened new export controls. The announcement intensified fears of an escalating trade conflict and triggered widespread selling in financial markets.

Bitcoin, which had recently reached record highs above $126,000, plunged. Its price fell from above $122,000 to around $102,000.

Ethereum and other major cryptocurrencies also suffered heavy losses. The total crypto market capitalization fell by more than 9% at one point, dropping to around $3.8 trillion. BullTheory estimated that the market lost $800 billion in value within hours.

The rapid sell-off left leveraged traders with…