The drop comes after President Trump announced new tariffs on China.
The broader crypto market plunged sharply on Friday evening, with Bitcoin (BTC) falling 12% as low as $105,896, and Ethereum (ETH) slipping 17% under $3,600 amid renewed risk-off sentiment.
Major altcoins followed suit, dragging total crypto market capitalization down about 15% to $3.59 trillion, according to CoinGecko data.
XRP experienced a 31% drop as experts warned of a “price crash.” The token is currently trading at $1.90, its lowest price since November 2024. Meanwhile, its market cap dropped by 15% on the day to $115 billion.
BNB is still holding out above $1,000, despite dropping nearly 20% on the day. The biggest loser on the day is Story’s IP, which has decreased 61%. Dogecoin, the largest memecoin by market cap, also dropped 39% on the day.
The crypto markets saw almost $7.44 billion in leveraged positions liquidated over the past hour, with a total of nearly $9 billion wiped out in the past 24 hours — by far the largest single-day crypto liquidation event ever — about $7.5 billion of which were long positions, per data from Coinglass.
Trump Announces Tariffs on China
This market downturn came shortly after President Donald Trump decided to impose an extra 100% tariff on China imports, CNBC reported. The new tariffs are expected to be implemented on Nov. 1. The move comes in response to China imposing export controls on rare earth minerals.
“It has just been learned that China has taken an extraordinarily aggressive position on Trade in sending an extremely hostile letter to the World, stating that they were going to, effective November 1st, 2025, impose large scale Export Controls on virtually every product they make, and some not even made by them,” Trump wrote in a Truth Social post on Friday.
“This affects ALL Countries, without exception, and was obviously a plan devised by them years ago. It is absolutely unheard of in International Trade, and a moral disgrace in dealing with other Nations,” Trump added.
