Over the last 24 hours, Bitcoin has lost more than 15% of its value, briefly falling below the $105,000 mark. This sharp decline dragged the entire cryptocurrency market down with it, wiping out more than $550 billion in market capitalization.
Bloodbath on the markets
Bitcoin has just experienced one of its worst days in years. In less than 24 hours, the price of Bitcoin fell by more than 15%, briefly dropping below $105,000 before climbing back above $110,000.
At the same time, more than $250 billion evaporated from the cryptocurrency market, while liquidations continued on exchange platforms.
According to data compiled by Coinglass, nearly $9 billion in leveraged positions were liquidated in just twelve hours.
Nearly $2 trillion vanished from US stock markets in a single day.
Large technology companies, which are particularly exposed to China, saw their share prices plummet.
China vs. the US
Beijing announced a shock measure: any product containing more than 0.1% of rare earths of Chinese origin will now be subject to prior export authorization.
Behind this decision lies a clear strategy. These strategic minerals are essential for the manufacture of microchips, batteries, electric motors, lasers, and virtually all modern technologies. By restricting their export, China is sending a direct message to Washington: it is prepared to strike where it hurts the most.
Donald Trump, for his part, was quick to respond. In a statement, he described China as “very hostile” and announced two major measures to take effect on November 1: a 100% increase in tariffs on Chinese products and the introduction of export controls on certain critical software.
The US president also stated that there was “no longer any reason” to maintain his planned meeting with Xi Jinping in the next two weeks.
