Disclaimer: This article is for informational purposes only and does not constitute financial advice. BitPinas has no commercial relationship with any mentioned entity unless otherwise stated.
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Bitcoin plunged to about $101,500 on Binance’s perpetual futures market after former U.S. President Donald Trump announced 100 % tariffs on Chinese exports. That’s a drop of over ₱1,000,000 in a single day (at ~₱58/USD).
- On the tariff news, BTC fell to roughly $101,500, a level not seen since June
- Spot markets (e.g. Coinbase) also saw major declines, with BTC dipping under $110,000
- Approximately $9.62 billion in leveraged crypto positions were liquidated in the past 24 hours
- Ether and Solana joined the sell‑off: ETH dropped ~12 %, SOL ~14 %
- The tariffs target China’s control over rare earth exports, crucial for chips and mining gear
Financial markets interpreted the tariff move as a sharp escalation in U.S. and China trade tensions. Investors rushed to de-risk positions, particularly in leveraged crypto bets. The risk to global supply chains especially in semiconductors and mining equipment amplified the pressure on digital assets.
This is a developing story: Bitcoin Drops By More Than ₱1 Million in A Single Day
What else is happening in Crypto Philippines and beyond?
