Last night (October 10, 2025), the Crypto Assets market indeed experienced a significant fall.

The recent fall is primarily triggered by U.S. President Trump threatening to significantly raise tariffs on China, leading to a collective setback for global risk assets.
Here is a summary of the core information regarding this market fluctuation:
Specific situation

Main triggering factors


Trump threatened to "significantly increase" tariffs on China on social media, raising concerns in the market about escalating tensions in global trade.

Market Performance

Bitcoin
(BTC): once fell over 13%, breaking below the 110,000 dollar mark, with a low of 104,920 dollars.
Other Crypto Assets: Ethereum (ETH), Ripple (XRP), and Dogecoin (DOGE) have also seen double-digit falls, with the overall market capitalization evaporating by more than $250 billion.

Chain Reaction


Massive liquidation: Nearly 1.52 million people globally were liquidated within 24 hours, with a total liquidation amount exceeding $1 billion.
- Global market impact: All three major US stock indices plunged, with the Nasdaq falling over 3%; European stock markets and international oil prices also dropped sharply.
- Risk aversion sentiment is rising: Funds are flowing into safe-haven assets such as gold and government bonds, allowing gold prices to rise.

Other influencing factors

U.S. government shutdown: Entering the 10th day, and large-scale permanent layoffs of federal employees have begun, exacerbating market tensions.
Technical pressure: Some analysts have pointed out that Bitcoin has shown signs of fatigue after failing to stabilize above previous highs, triggering a large number of leveraged position liquidations.


What should be paid attention to in the future market?

The recent fall is the result of multiple overlapping factors. In addition to the direct impact of macro news, there are also some fragile factors within the market.

Macroeconomic signals: The market is generally focused on the Federal Reserve FOMC meeting to be held on October 28-29, the policy direction of which may become the next important catalyst for the market.

Intrinsic factors in the market: Some analysts believe that the crypto assets market has recently lacked new internal driving forces (such as disruptive technological narratives), leading investors to tend to wait and see in a high valuation environment.