Cryptocurrency markets experienced a dramatic downturn following President Trump’s announcement of additional tariffs on Chinese goods, mirroring the volatility seen in past economic crises. The impact was felt across the board, with Bitcoin losing over $110,000 – or 12% – and other cryptocurrencies like Ether falling by nearly 16%. This sudden market reaction followed news that the U.S. would impose increased tariffs on Chinese exports, a move prompted by China’s export restrictions on rare earth metals. The move heightened economic tensions between the world’s two largest economies, prompting investors to react swiftly with substantial liquidations and widespread uncertainty.