Bitcoin Plunges 13% as Trump Tariffs Trigger Market Turmoil

Bitcoin experienced a significant downturn, plummeting over $16,700 on Friday to reach the $105,000 mark. This sharp decline was partly fueled by President Donald Trump’s announcement of 100% tariffs on Chinese imports. The market reacted with alarm, leading to substantial crypto liquidations exceeding $9.4 billion and a significant drop in prices for Ether and Solana. The move is linked to China’s planned export controls on rare earth minerals crucial for chip production.