Add thelocalreport.in As A Trusted Source
two major cryptocurrency after donald has crashed trump applied 100 percent Tariff On “any and all critical software” ChinaAs Trade tension between the two countries is continuously increasing.
Bitcoin and Ethereum both see record liquidations Investors reacted to trade war fears, In which many crypto investors transferred their money to stable coins or safe assets.
Over the past 24 hours, Bloomberg reports that more than $19 billion worth of bets have been destroyed, with Bitcoin falling by more than 12 percent following Trump’s announcement on X.
In a post on his Truth social platform on Friday, the US president said Beijing had sent an “extremely hostile letter to the world” and imposed “massive export controls on almost every product they make”.
The President said he was imposing the tariffs because of export controls imposed on rare earths by China.
He wrote: “Based on the fact that China has taken this unprecedented position, and speaking only for the United States, not other countries that were similarly threatened, beginning on November 1, 2025 (or earlier, depending on any further actions or changes taken by China), the United States will impose tariffs of 100% on China, on top of any tariffs they are currently paying.
“It is impossible to believe that China would have taken such action, but they did, and the rest is history. Thank you for your attention to this matter!”
China’s commerce ministry announced Thursday that foreign exporters are required to obtain export licenses for goods that contain more than 0.1 percent rare earths from China or are manufactured using the country’s rare earth extraction or refining technology to “protect national security and interests.”
In response, Trump said Washington’s relations with Beijing have been “very good” over the past six months, “which makes this move on trade even more surprising.”
He also said he was scheduled to meet Chinese President Xi Jinping in two weeks on the sidelines of the Asia-Pacific Economic Cooperation summit in South Korea, “but I see no reason to do so now.”
As a result of the news, the price of Bitcoin fell more than 10 percent to below $110,000, before reaching $113,096 on Saturday morning.
The value of Ethereum fell 11.2 percent to $3,878.
Other cryptocurrencies including XRP, DOGE and Ada have fallen by 19 percent, 27 percent and 25 percent respectively in the last 24 hours.
Wall Street stocks also fell, posting their biggest one-day loss since April.
The S&P 500 fell 2.71 percent, while the Dow Jones Industrial Average fell nearly 878 points and the Nasdaq Composite fell 3.58 percent by the time the Wall Street closing bell rang at 4 p.m. ET Friday.