Trump's tariff bomb rocks crypto market, investors lose ₹1.7 trillion
New Delhi (Uttam Hindu News): US President Donald Trump's announcement on Saturday morning sent shockwaves through the global market. Taking the trade war against his longtime rival China to a new level, Trump announced a 100% additional tariff on Chinese goods, causing widespread panic across the US market and the crypto market. Major cryptocurrencies, including Bitcoin, plummeted, costing investors a massive loss of over ₹1.7 trillion in a single day.
US President Donald Trump announced on his social media platform 'Truth Social', "Starting November 1, 2025, the US will impose an additional tariff of 100% on China in addition to the existing tariffs." Along with this, export controls will also be imposed on all important software. Trump said that this step is necessary in response to China's plan in which it is preparing to impose comprehensive export controls on almost every product. Currently, the US imposes a 30% tariff on Chinese products, which will now increase to a total of 130%.
The cryptocurrency market was most severely affected by Trump's announcement, where panic among investors triggered a widespread sell-off. Bitcoin, the largest cryptocurrency, plummeted by more than 10%, falling below the psychological level of $110,000, though it later recovered slightly to trade at $113,096. Similarly, Ethereum, the second-largest currency, fell by a massive 11.2%, falling to $3,878. The market decline didn't stop there; other major cryptocurrencies like BNB, Solana, and XRP also saw significant declines of 14% to 18%, sending shockwaves throughout the crypto world.
In fact, this entire controversy began after China threatened to block future exports of rare earth minerals. These minerals are crucial to the American tech and automobile industries. President Trump made this significant announcement in response to this threat. Investors fear the escalation of this trade war will directly impact crypto mining and related technologies, as the supply chain for hardware and chips used for mining could be affected. This fear led to a massive sell-off in the crypto market.