• The crypto market plunged after U.S. President Donald Trump announced a 100% tariff on Chinese imports, heightening trade tensions.
• Bitcoin fell to $104,582 and Ethereum dropped to $3,460 within 24 hours before partial recovery.
• More than $706 million in leveraged positions were liquidated, marking the largest single-day long liquidation of 2025.
• Binance experienced temporary delays due to heavy trading volumes but confirmed that all funds remain secure.

The cryptocurrency market suffered a steep sell-off after U.S. President Donald Trump announced a 100% tariff on Chinese imports, escalating trade tensions between Washington and Beijing. The move followed China’s strongly worded letter to the international community warning of sweeping export controls set to begin on November 1, 2025.

Within hours, panic rippled through global markets. Stocks fell, commodities wavered, and crypto, often the first to react to geopolitical stress, saw an immediate wave of selling pressure.

Bitcoin and Ethereum Drop Sharply

The announcement triggered a broad market reaction. Bitcoin (BTC) slid to a 24-hour low of $104,582 before stabilizing near $114,563, down roughly 6% for the day, according to CoinMarketCap. 

Ethereum (ETH) fell even harder, touching $3,460 before recovering to $3,881, reflecting a 12% loss in the same period. The downturn extended across major altcoins, such as Cardano, Chainlink, XRP, BNB with traders pulling back amid fears of a deeper correction as global uncertainty rose.

Massive Liquidations Hit the Market

Data from Coinglass showed more than $706 million in leveraged positions wiped out in 24 hours, $648 million of which were long positions. This marks the largest single-day long liquidation event of 2025 so far, as rapid price swings triggered forced sell-offs across major exchanges.

Many traders who had bet on Bitcoin breaking above $120,000 were caught off guard by the sudden reversal. As stop-losses triggered en masse, cascading liquidations deepened the plunge.

Binance Faces Technical Delays

The surge in trading volume caused system delays on Binance, the world’s largest crypto exchange. The platform reported high server load and temporary display issues, assuring users that funds remain secure and that engineers are actively resolving the problem.

What Comes Next

With both Washington and Beijing locked in a new phase of economic brinkmanship, traders are bracing for more turbulence. The Federal Reserve’s next policy moves, China’s export timeline, and any softening in rhetoric between the two countries will likely dictate whether this is a short-term panic or the start of a deeper correction.

Also Read: XRP Builds Pressure at $2.73: Will the Bulls Take Over?