U.S. President Donald Trump imposed a 100% tariff on goods originating from China on Friday, sparking a significant decline in the price of Bitcoin (BTC) to below $110,000 at press time. The tariffs were announced in response to China’s reported efforts to implement export restrictions on critical minerals used in the manufacturing of computer chips. According to Trump himself, on Truth Social: “It has just been learned that China has taken an extraordinarily aggressive position on Trade in sending an extremely hostile letter to the World, stating that they were going to, effective November 1, 2025, impose large-scale Export Controls on virtually every product they make.” The escalating trade war between the U.S. and China triggered significant volatility across cryptocurrency markets, leading to a substantial loss of value in the hundreds of billions of dollars.
This is an unfolding story; we will update this as new information becomes available.