Crypto markets are tanking for the second time on Friday after President Donald Trump confirmed he would impose a 100% tariff on imports from China. Bitcoin dropped nearly 8% in the immediate aftermath of Trump’s announcement, with other majors faring even worse.
ETH, the native token for the second-largest blockchain, Ethereum, dropped nearly 12%, while the next three largest tokens by market cap, BNB, XRP, and SOL fell by at least 11.9%, 17.6%, and 12.8%, respectively, according to The Block’s price page.
In fact, most tokens within the top 300 by market capitalization dropped down double digits. However, many have since slightly bounced back.
Crypto-related stocks are also deeply affected, with mining firm Bitdeer (ticker BTDR), stablecoin issuer Circle (ticker CRCL), and Ethereum treasury firm Bitmine (ticker BMNR) leading losses, according to The Block’s crypto stock prices page.
Trump announced via Truth Social that he will raise tariffs on China in response to a move from Beijing to tighten its control over its rare earth elements exports. The new tariffs are expected to begin Nov. 1 or sooner.
The crypto market shed at least $125 billion when Trump first threatened countermeasures earlier on Friday. Crypto’s total market capitalization is down over 9% on the day to $3.8 trillion.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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