Tensions are again rising in the crypto industry, as Bitcoin faces severe downward pressure.
It is down by almost 8% in the last 24 hours, and the decline is followed by almost all other altcoins, as exchanges face severe sell-offs after Donald Trump’s announcement of 100% tariff imposition on Chinese goods.
Trump shakes the market with the tariff bomb
Ever since Trump took office this year, he has been imposing severe tariff rates on countries all across the world.
China took the biggest hit with growing tensions between the two countries, and matters got really heated up last Friday after Trump’s tariff announcement on China.
According to Trump, China announced plans to implement broad export limits on almost all items beginning November 1, 2025, in a strongly worded letter to the international community.
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In reaction, Trump said that starting that same day, the US will impose export controls on all essential software and a 100% tax on Chinese exports, on top of current levies.
Crypto exchanges face overload
The reaction to this was so strong that people quickly started cashing out their assets from exchanges, and this led to severe overload pressure on them.
Binance took to X(Twitter) to note, “Due to heavy market activity, our systems are under high load. Some users may experience intermittent delays or display issues. We’re actively monitoring the situation and working to resolve it. Funds are SAFU.”
Following Bitcoin, Ethereum too saw declines as it is trading at $3,790.03 and is down by almost 13% in the last 24 hours. BNB, which recently broke multiple ATHS and was on a severe bull run, is also down by 13% and is trading at $1,109.78.
Not just this, XRP, Solana, TRX and Dogecoin are all down after the news broke out. This shows how international relations on trade and business can instantly affect the crypto industry and how investors react to such news.
Stocks linked to cryptocurrency, including Coinbase, Robinhood, and MicroStrategy, fell 5–10% as technology shares and digital assets were sold off at the same time.
What does this mean?
Although this exchange dumping is consistent with past trends amid geopolitical shocks, the present turbulence in the cryptocurrency market has increased attention about whether these acts are market-driven or manipulative due to the lack of transparency.
The bearish trend may be extended by ongoing exchange dumping, particularly if trade tensions between the United States and China worsen.
Investors are keeping an eye out for more exchange movements and regulatory reactions to the purported manipulation.
Also Read: Bitcoin Falls Below $109,000 As Traders Brace For U.S. Inflation Data