Bitcoin, Ethereum Dive Alongside Stocks as Trump Threatens ‘Massive’ China Tariffs

Crypto prices plunged alongside stock market indices early Friday after President Donald Trump threatened to ratchet up tariffs on China.

Bitcoin dove below $119,000 for the first time since October 2, and was recent trading for $119,028—down 1.7% on the day. But other leading cryptocurrencies saw sharper dips, with Ethereum and Solana both down almost 5% in the last hour alone, to prices of $4,107 and $211 respectively.

Crypto market liquidations have skyrocketed amid the plunge, with CoinGlass showing $459 million worth of liquidations in the last hour alone—the vast majority of them being long positions. Over the last 24 hours, nearly $773 million worth of positions have been liquidated.

The Nasdaq is down 1.77% so far Friday, with the S&P 500 down 1.25% and the Dow dipping by 0.83%.

“Ultimately, though potentially painful, it will be a very good thing, in the end, for the U.S.A.” Trump wrote on Truth Social. “One of the policies that we are calculating at this moment is a massive increase of tariffs on Chinese products coming into the United States of America. There are many other countermeasures that are, likewise, under serious consideration.”

Editor’s note: This story will be updated with additional details.