Bitcoin News Today: Trump's Tariffs Trigger Crypto Earthquake, Mining Stocks Emerge Triumphant

Bitcoin mining stocks rebounded sharply following a market turmoil triggered by U.S. President Donald Trump's abrupt 100% tariff announcement on Chinese imports, which initially sent crypto markets into a historic freefall. The sell-off, driven by fears of a renewed U.S.-China trade war, erased over $19 billion in leveraged positions within 24 hours, marking the largest single-day liquidation event in crypto history . Bitcoin (BTC) plummeted from $121,565 to $101,500, while Ethereum (ETH) dropped to $3,373.67, with altcoins like XRP and DOGE suffering intraday declines exceeding 50% . The turmoil also impacted stablecoins, as USDe briefly depegged to 65 cents on Binance before recovering Fortune^[1].

However, by the weekend, the market showed signs of stabilization. Bitcoin rebounded to $115,100, gaining approximately 5% in a day, while Ethereum surged over 10% to $4,138 The Currency Analytics^[3]. The partial recovery coincided with Trump's de-escalating rhetoric, including a post stating, "Don't worry about China, it will all be fine!" Fortune^[1]. U.S. Treasury Secretary Scott Bessent echoed this sentiment, noting "substantial communication" with China over the weekend Fortune^[1].

The rebound in crypto prices spurred a rally in mining stocks. Marathon Digital (MARA) surged 17% in late September, and Bitfarms (BITF) gained 148% year-to-date TechStock²^[2]. BitMine Immersion (BMNR), a firm pivoting to Ethereum accumulation, saw its stock soar 700% in 2025 TechStock²^[2]. Analysts attributed the gains to ETF inflows, safe-haven demand, and institutional adoption, with Standard Chartered projecting Bitcoin could reach $135,000 if macroeconomic volatility persists TechStock²^[2].

The tariff-driven sell-off also accelerated structural shifts in the mining industry. Chinese manufacturers like Bitmain, Canaan, and MicroBT, which collectively control over 90% of global mining hardware, began establishing U.S. production facilities to circumvent tariffs . This relocation, however, introduced new challenges, including U.S. Customs scrutiny and higher production costs. Meanwhile, U.S. mining firms faced potential liabilities from CBP disputes, with CleanSpark warning of up to $185 million in tariffs on China-sourced equipment The Deep Dive^[6].

Market analysts highlighted the role of leverage in amplifying the crash. Over $16.7 billion in long positions were liquidated, with leveraged traders bearing the brunt of the volatility . Hyperliquid CEO Jeff Yan criticized centralized exchanges like Binance for underreporting liquidations, noting that bursts of trades in a single second could mask the true scale of the crisis . Decentralized platforms, however, demonstrated resilience, with protocols like Ethena Labs maintaining stablecoin pegs during the turmoil .

Looking ahead, the market's trajectory hinges on the resolution of U.S.-China trade tensions. While technical indicators suggest Bitcoin and Ethereum are oversold, analysts caution that renewed escalations could reignite volatility. Marathon CEO Fred Thiel and Standard Chartered remain bullish, forecasting Bitcoin could approach $200,000 by year-end TechStock²^[2]. Meanwhile, critics like Robert Kiyosaki warn of a potential 50% pullback before a sustained rally TechStock²^[2].

The event underscores the crypto market's deep integration with global macroeconomic dynamics. As Trump's tariff policy reshapes supply chains and mining operations, investors are recalibrating strategies to balance short-term volatility with long-term growth prospects.