Cryptocurrency markets, including Bitcoin and Ethereum, have been in a steady decline since October 12, when markets crashed due to US President Donald Trump’s additional 100% tariffs on China. Traders have rushed to safe havens amid the uncertainty.
The cryptocurrency market, and Bitcoin, the world’s largest token, was down for a second consecutive day on October 12 after markets crashed following United States President Donald Trump’s imposition of an additional 100 percent tariff on China.
Cryptocurrency market capitalization has fallen to $3.7 trillion from a record $4 trillion seen last week. According to CoinMarketCap data, trading volume is $250.02 billion.
At 11.11 am this morning, Bitcoin was at $1,11,660.41, Ethereum at $3,817.26, Tether at $1, Binance Coin at $1,140.34 and XRP at $2.37.
Why is the crypto market down today ?
According to CoinMarketCap analysis, the broader crypto market fell 0.89% in the past 24 hours, extending a seven-day decline of 11.5%.
According to the analysis, the main reasons are the geopolitical shock from Donald Trump’s additional 100% tariffs on China and limits on US software exports. There is also the threat of a trade war if China retaliates.
Cryptocurrencies saw their biggest liquidation worth $19 billion on October 11 following Donald Trump’s announcement. Equity and crypto markets crashed as investors rushed to safe haven options like gold and silver amid volatility and uncertainty.
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Among traders, the analysis shows that open interest fell by 18% as traders exited risky positions, indicating a lower appetite for investment.
The analysis said the collapse was a “combination of macro shockwaves and extreme leverage,” which made it crypto’s worst day since Q1 2025. It added that traders should monitor whether Bitcoin holds the $1,10,000 support and if the sell-off following ETF trends resumes.
Crypto Prices Today : Bitcoin (BTC) , Ethereum (ETH)
According to data on CoinMarketCap, Bitcoin was at $1,11,122.51, down 1 % in the last 24 hours and 10.38 % in the last seven days. The market cap was also down 0.90 % to close at $2.22.21 trillion, with trading volume down 45.84 % to $94.71 billion in the last 24 hours.
And Ethereum, the world’s second-largest cryptocurrency, was at $3,798, down 0.39 % from the previous day, with a market cap of $458.43 billion and trading volume down 50 % to $54.44 billion.
