October got off to a hot start, but the historically strong month for Bitcoin and crypto prices—called "Uptober" by many investors—hit a roadblock Friday thanks to President Trump's trade war. And now prices are falling fast as liquidations pile up.
More than $1 billion worth of crypto positions have been liquidated over the last 24 hours, per data from CoinGlass, as crypto prices plunge alongside stocks following Trump's Friday morning declaration that "massive" tariffs against China are in the works.
Bitcoin plunged from a price above $122,000 Friday morning to about $116,200 recently, down 4% on the day, while Ethereum has fallen almost 8% to about $3,975 and Solana has dipped over 7% on the day to $205.
With those declines, Bitcoin has nearly erased all of its October gains, returning to a price last seen on October 1, while Ethereum and Solana both hit October lows on Friday per data from CoinGecko.
The Nasdaq is deep in the red Friday, down about 3%, while the S&P 500 has fallen about 2.3% and the Dow is down 1.6%.
