Crypto faces historic $19 billion slide as Trump slaps 100% tariffs on Chinese tech

October 12, 2025

Bitcoin extended its sharp sell-off, tumbling 8.4% to $104,782 after U.S. President Donald Trump imposed 100% tariffs on Chinese tech exports and tightened software controls. The announcement triggered a $19 billion wipeout across the cryptocurrency market, liquidating over 1.6 million traders. Ethereum, XRP, and Binance Coin also plunged, while experts see short-term pressure but a bullish long-term outlook.

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