$7 billion wiped out in one hour: Trump’s 100% tariff on China triggers crypto market sell-off

US President Donald Trump's announcement of a 100% tariff on software imports from China sent the cryptocurrency market into a tailspin. Prices of Bitcoin and Ethereum plunged sharply, with Bitcoin dropping over 8% and Ethereum falling more than 12% in the past 24 hours, according to reports.

Over 1.6 million traders reportedly sold their holdings, leading to $7 billion (around ₹61,000 crore) wiped out in just one hour, and total losses of $19 billion in a single day — marking one of the biggest single-day crypto sell-offs on record, noted the reports.

The sell-off comes amid an ongoing trade standoff between the United States and China. Following China’s reported plan to impose large-scale export controls on nearly all products, including items not even manufactured by them, Trump announced on Truth Social that the US would respond with a 100% tariff on all Chinese goods, over and above existing duties.

Trump described China’s actions as “absolutely unheard of in international trade” and “a moral disgrace in dealing with other nations.” He also announced forthcoming export controls on all critical software, to be enforced starting November 1, 2025.