The cryptocurrency market, along with the world’s largest token Bitcoin, experienced a decline for the second consecutive day on October 12. This downturn followed a market crash triggered by United States President Donald Trump’s announcement of an additional 100 percent tariffs on China. The cryptocurrency market capitalization has decreased to $3.7 trillion, a drop from the record $4 trillion observed just last week. According to data, the trading volume stands at $250.02 billion. At 11:11 AM, Bitcoin stood at $111,660.41, Ethereum at $3,817.26, Tether at $1, Binance Coin at $1,140.34, and XRP at $2.37.
As per analysis, the wider crypto market experienced a decline of 0.89 percent in the last 24 hours, marking an extension of a seven-day drop totaling 11.5 percent. The analysis indicates that the primary factors include the geopolitical shock stemming from Donald Trump’s imposition of an additional 100 percent tariffs on China, along with restrictions on US software exports. Concerns are mounting over the possibility of a trade war should China decide to retaliate. On October 11, cryptocurrencies experienced a staggering liquidation totaling $19 billion, triggered by Donald Trump’s announcement. The equity and crypto markets experienced a significant downturn as investors flocked to safe haven assets like gold and silver in response to the prevailing volatility and uncertainty.
Traders have reported an 18 per cent drop in open interest as they exited risky positions, signaling a diminished appetite for investment. The analysis indicates that the decline is a “combination of macro shockwaves and extreme leverage”, resulting in crypto’s worst day since Q1 2025. Traders are advised to keep an eye on Bitcoin’s ability to maintain the $1,10,000 support level and to watch for any resumption of ETF inflows following the recent selloff.
According to reports, Bitcoin is currently priced at $1,11,122.51, reflecting a 1 percent decline in the last 24 hours and a 10.38 percent drop over the past week. The market cap experienced a decline of nearly 0.90 percent, settling at $2.22.21 trillion. Meanwhile, trading volumes saw a significant drop of 45.84 percent in the last 24 hours, totaling $94.71 billion. Ethereum, the world’s second-largest cryptocurrency, is currently priced at $3,798, reflecting a decline of 0.39 percent from the previous day. The market cap stands at $458.43 billion, while trading volume has decreased by 50 percent to $54.44 billion.