- •U.S. imposes tariffs, affects Bitcoin and crypto equities.
- •Bitcoin drops sharply, affecting altcoins and equities.
- •Experts view it as a potential buy opportunity despite volatility.
President Trump's tariff announcement against China leads to Bitcoin volatility with significant market impacts on October 20, 2023.
The decision affects the cryptocurrency market, causing Bitcoin and altcoin prices to plummet and analysts to identify buying opportunities amid the turmoil.
Trump Announces 100% Tariffs on Chinese Goods
Donald Trump announced 100% tariffs on Chinese goods from November 2025, prompting market instability. Bitcoin's price fell drastically following the announcement.
China's export controls are set to start in the same period, adding stress to global markets. Trump's tariffs have previously led to crypto market sell-offs.
China has announced ‘aggressive’ and ‘unprecedented’ export controls... the U.S. will impose a 100% tariff on Chinese goods. — Donald Trump, President of the United States
Bitcoin Plummets from $117,000 to $102,000
Bitcoin suffered a significant downturn, dropping from $117,000 to $102,000 before stabilizing. Altcoins mirrored this trend, experiencing declines of 20% to 40%.
Crypto-related stocks, including Coinbase and MicroStrategy, saw declines of 3% to 12%. Cory Klippsten suggested macro-driven dips may present buying opportunities.
Historical Patterns Suggest Potential Bull Run
Trump's previous tariff announcements have been known to trigger crypto volatility, as seen with the "Liberation Day tariffs." Bitcoin's response was historically bearish.
Analysts suggest these macro events often reset market positions, potentially signaling a Bull Run once stability returns. Historical trends support this hypothesis.
If the broader risk-off mood holds, Bitcoin can get dragged around a bit before it finds support and starts to decouple again... Macro-driven dips like this usually wash out leveraged traders and weak hands, then reset positioning for the next leg up. — Cory Klippsten, CEO, Swan Bitcoin