$250M Liquidated Hourly: Bitcoin Crashes Below $120K as Trump Threatens China

Bitcoin’s price took a turn for the worse over the past hour or so after US President Donald Trump threatened China with a new set of ￰0￱ POTUS said that Beijing is being “very hostile,” and said he always felt that they were ￰1￱ TRUMP’S STATEMENT ON CHINA JUST NOW: ￰2￱ is “becoming very hostile” and controlling rare earths 2. “Always felt that China is lying, and now, as usual, I have been proven right” ￰3￱ is “holding the world captive” in a “monopoly position” ￰4￱ is “no… — The Kobeissi Letter (@KobeissiLetter) October 10, 2025 Given his other negative remarks toward China and its regime, Trump went back to his playbook and threatened to impose a “massive increase in tariffs” on products produced in the Asian ￰5￱ the financial markets have seen such statements before as well, the impact was rather instantaneous in terms of price actions, especially in crypto.

Bitcoin, which charted a new all-time high just days ago, had calmed at around $121,300 before the tables turned and it slumped by over two grand to just over $119,000. Many altcoins followed suit, with ZEC, MNT, TAO, M, PUMP, LTC, BONK, and PENGU dropping by over 4% in an ￰6￱ such, it’s no surprise that the total value of wrecked positions has skyrocketed to $250 million in just that past hour ￰7￱ a daily scale, the liquidations are up to nearly $600 million, with more than 155,000 traders ￰8￱ Liquidations on CoinGlass