October got off to a hot start, but the historically strong month for Bitcoin and cryptocurrency prices – called “Uptober” by many investors – hit a roadblock on Friday due to President Trump’s trade war. And now prices are falling rapidly as liquidations pile up.
More than $1 billion in crypto positions have been liquidated in the past 24 hours, according to CoinGlass data, as cryptocurrency prices plunge alongside stocks following Trump’s declaration Friday morning that “massive” tariffs against China are in the works.
Bitcoin plunged from a price above $122,000 Friday morning to around $116,200 recently, down 4% on the day, while Ethereum fell almost 8% to around $3,975 and Solana fell more than 7% on the day to $205.
With these declines, Bitcoin nearly erased all of its October gains, returning to a price last seen on October 1, while Ethereum and Solana both hit October lows on Friday according to CoinGecko data.
The Nasdaq is deep in the red on Friday, down about 3%, while the S&P 500 is down about 2.3% and the Dow is down 1.6%.
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