Trump Tariff Threat Sends Bitcoin Sliding Below $119K — Global Risk Surge Hits Crypto

Bitcoin fell sharply below $119,000 on Thursday after U.S. President Donald Trump announced a potential new wave of tariffs on Chinese rare-earth exports, sparking renewed risk aversion across global markets.

Bitcoin early-October rally cooled abruptly as macro-economic tensions returned. During an address at the White House, President Trump hinted at imposing a “massive tariff escalation” targeting China’s control over rare-earth minerals — essential inputs for EVs, AI chips, and defense technology.

The remarks jolted traditional and digital markets alike. The S&P 500 and NASDAQ each slid 1.2%, while Bitcoin retraced 4.6% to $118,930 on Binance Futures before rebounding modestly.

Traders attributed the decline to “short-term deleveraging” as large-cap investors reduced exposure amid renewed global uncertainty. QCP Capital noted that BTC’s funding rates briefly flipped negative — a sign of growing caution among leveraged longs.

“Bitcoin remains macro-sensitive despite the ETF boom,” analyst Ed Moya told BTCNews.Space. “Whenever Washington and Beijing go head-to-head, risk assets still flinch.”

On-chain data from CryptoQuant showed ~$450 million in liquidations across major derivative platforms within 24 hours. However, long-term holders appeared unfazed, continuing steady accumulation above the $115K zone.

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