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.