Ethereum News Today: Trump's Tariff Ultimatum Triggers $200B Crypto Crash as Trade War Fears Escalate
Ethereum (ETH) plummeted below $4,000 on October 10, 2025, marking a 16% decline in 24 hours amid a broader crypto market selloff triggered by U.S. President Donald Trump's announcement of a 100% tariff on Chinese imports. The move, coupled with export controls on critical software, exacerbated fears of a renewed U.S.-China trade war, sending shockwaves through global markets [1]. The total crypto market capitalization fell from $4.25 trillion to $4.05 trillion within hours, erasing nearly $200 billion in value [3].
Bitcoin (BTC), the largest cryptocurrency by market cap, dropped 10% to $107,000 from a peak above $122,000, while major altcoins like XRPXRP--, SolanaSOL-- (SOL), and Binance Coin (BNB) declined 15%-30% [3]. Ethereum's collapse was particularly severe, breaching key support levels and triggering over $900 million in liquidations, according to Coinglass data. Over 210,000 traders were liquidated in 24 hours, with the largest single order-a $15.49 million ETH-USDT trade-occurring on Hyperliquid [5].
The selloff followed a pattern of leveraged positions collapsing as funding rates turned negative, amplifying downward momentum [4]. Binance and CoinbaseCOIN--, two of the largest exchanges, reported system strain and latency during the crash, though both assured users that funds remained secure [2]. Traditional markets mirrored the turmoil, with the S&P 500 and Nasdaq down 1.6% and 1.3%, respectively, while gold surged 1% as investors flocked to safe-haven assets [6].
Analysts attributed the crash to a confluence of factors. Ram Ahluwalia of Lumida Wealth noted that "overbought conditions" combined with Trump's tariff threat created a "sharp decline." Zaheer Ebtikar of Split Capital described the altcoin complex as "eviscerated," with EthereumETH-- trading at levels not seen in over a year [1]. Prominent trader Bob Loukas likened the crash to the March 2020 pandemic-induced sell-off, calling it a "leverage reset" [1].
The geopolitical tensions escalated further as Trump canceled a planned meeting with Chinese President Xi Jinping and framed Beijing's rare earth export controls as a "hostile" move. The U.S. Treasury yield and dollar index (DXY) also reacted, with the 10-year yield dipping to 4.071% and the DXY falling 0.63% post-announcement [5]. On-chain data revealed that long-term holders and whales accelerated profit-taking to avoid liquidations, with some losing millions as positions were wiped out [5].
Market participants remain cautious ahead of November 1, when the tariffs and export controls are set to take effect. Experts predict further volatility, with Ethereum potentially testing the $3,000 level and BitcoinBTC-- facing critical support near $100,000. The path forward hinges on whether China retaliates or seeks diplomatic resolution, though current sentiment leans toward a prolonged period of uncertainty.
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