As of 9:30 a.m. today (October 10), Bitcoin has fallen 7.32% and is currently trading at $112,485.76.
Bitcoin fell about 10% at the end of yesterday's session, while Ethereum (ETH), Solana (SOL) and XRP fell by 15%-30% in a rapid collapse of the cryptocurrency market, as trade tensions between the US and China escalated.
According to CoinGlass, yesterday's market crash led to more than $7 billion of liquidation from traders betting on rising prices.
In less than an hour, the world's largest cryptocurrency market fell free after US President Donald Trump announced that he would impose a 100% additional tax on Chinese goods and control important software exports from November 1.
The US President gave a firm affirmation: "From November 1, we will impose export controls on all important software."
As soon as the above post was published, Bitcoin price immediately decreased by $3,000.
This strong bearish trend is one of the historic events, with some analysts comparing it to the market crisis in March 2020 caused by the COVID-19 pandemic lockdown.
Famous trader Bob Loukas called this a "COVID nuclear bomb": " Unexpected developments but also a strong candidate for the biggest screening".
Ram Ahluwalia - founder of Lumida Wealth investment company - commented: "A brutal day. Trump news and market conditions have caused prices to plummet.
Traders in the Pentoshi wrote: "I know people are very tense and this slump is in the top 3 biggest declines ever."
He also said altcoin has fallen as hard as it was during the COVID crisis and many people, including himself, are suffering huge losses.
Zaheer Ebtikar, founder and chief investment officer of Split Capital cryptocurrency protection fund, said: "The entire group of cryptocurrencies has been severely devastated. We are at an unprecedented level in more than a year for cryptocurrencies. This is a complete reconstruction of leverage and market disruption".
