Citing Bitcoinist, the price of Bitcoin fell 7.6% in the past 24 hours, reaching $112,581, following U.S. President Donald Trump's announcement of 100% tariffs on Chinese imports. The move triggered a historic $10 billion liquidation event in the crypto market, with Bitcoin having previously dropped to $77,000 after Trump first announced the tariffs in April 2025. Trump cited China's export controls on rare earth minerals as the reason for the tariffs, which he said could be lifted if China reverses its decision before November 1.
Bitcoin Price Drops 7.6% Amid Trump's 100% Tariff Announcement on China
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