Bitcoin breaks below $120K after Trump's 'massive' tariff threat to China

[Glowing dark background with bitcoin symbol.]
peshkov/iStock via Getty Images

Bitcoin's (BTC-USD [https://seekingalpha.com/symbol/BTC-USD]) price fell below $120K in Friday late morning trading after U.S. President Donald Trump's comments about China sparked renewed concerns over tariffs and spurred a broader selloff across risk assets.

The first-ever cryptocurrency (BTC-USD [https://seekingalpha.com/symbol/BTC-USD]) fell to as low as $118.6K, before recovering slightly to $119K at 11:57 a.m. ET, down 2.2% in the last 24 hours. Ether (ETH-USD [https://seekingalpha.com/symbol/ETH-USD]) gapped down 5.8% to $4.11K, Mantle (MANTLE-USD [https://seekingalpha.com/symbol/MANTLE-USD]) -12%, Okex (OKB-USD [https://seekingalpha.com/symbol/OKB-USD]) -4.9%, Pepe (PEPE-USD [https://seekingalpha.com/symbol/PEPE-USD]) -4.9%, Avalanche (AVAX-USD [https://seekingalpha.com/symbol/AVAX-USD]) -4.5% and Cronos (CRO-USD [https://seekingalpha.com/symbol/CRO-USD]) -4.3%.

The swings come after Trump said China has "become very hostile" [https://seekingalpha.com/news/4503321-sp500-nasdaq-composite-dow-jones-today-stock-market-news] sending letters to other countries wanting to "impose export controls." He threated "massive" tariff increases on goods from China, citing export controls that China imposed on rare-earth minerals from that country. Stocks, in turn, reversed earlier gains.

DEAR READERS: We recognize that politics often intersects with the financial news of the day, so we invite you to click here [https://seekingalpha.com/article/4825352-politics-and-the-markets-101025] to join the separate political discussion.

MORE ON BITCOIN USD

* Cryptocurrencies: Bitcoin Reaches New Record High [https://seekingalpha.com/article/4828690-cryptocurrencies-bitcoin-reaches-new-record-high]
* 3 Reasons I See Bitcoin Moving Higher Still [https://seekingalpha.com/article/4828583-3-reasons-i-see-bitcoin-moving-higher-still]
* VanEck Crypto Monthly Recap For September 2025 [https://seekingalpha.com/article/4827935-vaneck-crypto-monthly-recap-september-2025]
* Institutional crypto exposure set to double by 2028, State Street survey finds [https://seekingalpha.com/news/4503018-institutional-crypto-exposure-set-to-double-by-2028-state-street-survey-finds]
* OrangeBTC, the Winklevoss-Backed bitcoin firm, goes public in Brazil [https://seekingalpha.com/news/4502776-orangebtc-the-winklevoss-backed-bitcoin-firm-goes-public-in-brazil]