Crypto market bloodbath! Bitcoin, Ethereum tank after Trump imposes 100% tariff on Chinese imports
Prices of Bitcoin, Ethereum and most other cryptocurrencies crashed after United States President Donald Trump on October 10 said that he is raising US tariffs 100 per cent on “any and all critical software” imports from China.
The decision came after China announced export limits on rare earth minerals, which are critical for manufacturing, especially tech, as per a Reuters report.
Bitcoin slumps around 8%, ethereum down 12%
At 6.10 am, at time of writing, Bitcoin was down 7.60 per cent to $1,12,592.31 and Ethereum dropped 12.24 per cent to $3845.92 , according to data on CoinMarketCap.
As per the CoinMarketCap analysis, the world’s largest cryptocurrency saw $9.5 billion liquidations amid failed support at $1,20,000 level.
