Bitcoin Crashes Below $120K as Trump Threatens China

The liquidations are up to $250 million in just an hour.

Bitcoin’s price took a turn for the worse over the past hour or so after US President Donald Trump threatened China with a new set of tariffs.

The POTUS said that Beijing is being “very hostile,” and said he always felt that they were lying.

PRESIDENT TRUMP’S STATEMENT ON CHINA JUST NOW:

1. China is “becoming very hostile” and controlling rare earths

2. “Always felt that China is lying, and now, as usual, I have been proven right”

3. China is “holding the world captive” in a “monopoly position”

4. There is “no…

— The Kobeissi Letter (@KobeissiLetter) October 10, 2025

Given his other negative remarks toward China and its regime, Trump went back to his playbook and threatened to impose a “massive increase in tariffs” on products produced in the Asian country.

Although the financial markets have seen such statements before as well, the impact was rather instantaneous in terms of price actions, especially in crypto.

Bitcoin, which charted a new all-time high just days ago, had calmed at around $121,300 before the tables turned and it slumped by over two grand to just over $119,000.

Many altcoins followed suit, with ZEC, MNT, TAO, M, PUMP, LTC, BONK, and PENGU dropping by over 4% in an hour.

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As such, it’s no surprise that the total value of wrecked positions has skyrocketed to $250 million in just that past hour alone. On a daily scale, the liquidations are up to nearly $600 million, with more than 155,000 traders wrecked.