Cryptocurrencies tumbled Friday as renewed U.S.-China trade tensions sparked a wave of market selloffs. Bitcoin fell sharply from $122,000 to below $119,000 after President Donald Trump announced plans for a “massive increase” in tariffs on Chinese goods, responding to Beijing’s new export controls on rare earth metals.
Ethereum, Solana, and XRP mirrored Bitcoin’s decline, while crypto-linked stocks also sank. Bitcoin now trades near $118,800, down about 2% in the past 24 hours and 6% since reaching a record high earlier this week.
FUN FACT: 13 years ago today, the #Bitcoin price was $11.89 ✨ pic.twitter.com/1Aj7YF9csV
— Bitcoin Magazine (@BitcoinMagazine) October 9, 2025
The ripple effects extended to broader markets. WTI crude plunged nearly 4% to below $60 a barrel, its lowest since May. The S&P 500 and Nasdaq declined 1.6% and 1.3%, respectively.
Gold prices, however, surged more than 1% to above $4,000 per ounce, reaffirming its position as the preferred safe-haven asset during uncertainty.
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TIPP Staff
