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    Home»Markets»Bitcoin (BTC) Drops 10%, ETH, XRP, and SOL Plunge Following Trump Tariff Announcement
    Markets

    Bitcoin (BTC) Drops 10%, ETH, XRP, and SOL Plunge Following Trump Tariff Announcement

    Ethan CarterBy Ethan CarterOctober 11, 2025No Comments2 Mins Read
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    Bitcoin (BTC) Drops 10%, ETH, XRP, and SOL Plunge Following Trump Tariff Announcement
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    Friday took a turn for the worse for cryptocurrency as U.S. President Trump announced an additional 100% tariff on China, triggering a rapid decline in prices during a flash crash.

    Bitcoin BTC$113,244.11, initially trading around $117,000 following Trump’s comments about tariffs, plummeted below $110,000, down 12% in the past 24 hours. Ether ETH$3,837.46 crashed 16% below $3,700, while other major altcoins XRP$2.3508, Solana SOL$189.48 and DOGE$0.1908 saw declines of 20%-30%. The native tokens of ADA$0.6147, Chainlink LINK$16.90 and Aave AAVE$220.91 dropped as much as 40%

    Friday’s crash led to over $7 billion in liquidations from traders who anticipated rising prices, per CoinGlass.

    This latest escalation in trade tensions comes as Trump declared he would raise tariffs on Chinese goods in reaction to China’s restrictions on rare earth mineral exports. Following the closure of traditional markets for the week, he posted on Truth Social late Friday afternoon that the new 100% tariff would take effect on November 1.

    “On November 1, we will also impose export controls on any and all essential software,” he added.

    Bitcoin dropped $3,000 right after that post was published.

    The drastic price fluctuations have drawn comparisons to the market crash in March 2020 that was triggered by the lockdowns due to the Covid-19 pandemic.

    “Covid-level devastation,” prominent trader Bob Loukas stated in an X post about the crash. “Wow, extremely rough, but also a potential major shakeout,” he continued.

    “Tough day,” remarked Ram Ahluwalia, founder of Lumida Wealth. “The combination of Trump’s announcement and the ‘overbought’ market led to a steep fall.”

    “I recognize there’s a lot of anxiety present, and this drop ranks among the top 3 ever,” well-followed trader Pentoshi noted, adding that altcoins fell just as dramatically as during the COVID market crash. “Countless individuals are suffering right now, myself included.”

    “The altcoin market was utterly destroyed,” commented Zaheer Ebtikar, founder and CIO of Split Capital. “We are at levels not seen in over a year concerning altcoins. Complete leverage reset and market dislocation.”

    Read more: Trump Tariff Threat on China Sends Bitcoin Plummeting Below $119K

    UPDATE (Oct. 10, 2025, 21:55 UTC): Includes revised liquidation data.

    UPDATE (Oct. 10, 2025, 22:12 UTC): Includes remarks from traders.

    announcement Bitcoin BTC Drops ETH Plunge SOL Tariff Trump XRP
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    Ethan Carter

      Ethan is a seasoned cryptocurrency writer with extensive experience contributing to leading U.S.-based blockchain and fintech publications. His work blends in-depth market analysis with accessible explanations, making complex crypto topics understandable for a broad audience. Over the years, he has covered Bitcoin, Ethereum, DeFi, NFTs, and emerging blockchain trends, always with a focus on accuracy and insight. Ethan's articles have appeared on major crypto portals, where his expertise in market trends and investment strategies has earned him a loyal readership.

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