President trump issued a new 100% tariff on all goods from China starting November 1st. The announcement comes in response to aggressive controls imposed by China on their own exports.
The announcement on Truth Social by President Trump mid day Friday October 10th was followed by an immediate downturn in the stock and cryptocurrency markets. Bitcoin saw one of its largest single day declines on record dropping from near all time highs of around $125,000 to below $110,000.
Bitcoin just experienced a $20 Billion liquidation. Almost 20x the size of the Covid crash. Larger than FTX. 3AC, Celsius, and Alina COMBINED
— Crypto Jebb (@CryptoJebb) October 11, 2025
And we’re at $111,000.
Bitcoin is strong.
HODL.
Cryptocurrency trading platforms experienced a variety of issues amid the volatility. For example, Binance (the world’s largest cryptocurrency platform by trading volume) experienced service outages which interfered with time-sensitive trading activity. For context, Binance was founded in China in 2017 by Changpeng Zhao but now operates internationally.
🚨 Due to heavy market activity, our systems are under high load. Some users may experience intermittent delays or display issues.
— Binance (@binance) October 10, 2025
We’re actively monitoring the situation and working to resolve it. Funds are SAFU.
Thank you for your patience!
Trading platform Strike (founded by American Bitcoin prodigy Jack Mallers) was temporarily unable to guarantee certain price points for users looking to buy Bitcoin when it was near its lowest point. Users complained during the gridlock of being overcharged at least 3.5%. However, Jack quickly addressed the issue and offered to credit the traders who were affected.
Totally fair. The short version is that when the market gets extremely volatile, liquidity across all venues dries up and spreads widen across the industry. For example, at one point we say two major LPs go down and so down Coinbase, Robinhood, Kraken, etc.
— Jack Mallers (@jackmallers) October 11, 2025
That said, we’re…
Other notable moves during the chaos included BlackRock buying billions when Bitcoin hit its absolute lowest point of the day. It’s unclear how or why retail investors were blocked from executing certain trades while BlackRock was precisely positioned to buy at the most opportune time.
If you panicked and sold your coins to BlackRock I’m not sorry for you. You will learn the hard way. pic.twitter.com/lUA3sd9aSX
— Bitcoin for Freedom (@BTC_for_Freedom) October 12, 2025
The Christian principle of rejecting uneven weights and measures (Leviticus 19:35-36, Deuteronomy 25:13-16, and in Proverbs 11:1, 16:11, and 20:23) is a tale as old as civilization. While there certainly were winners and losers on Friday, honest investing involves spending time in the market rather than simply time-ing the market. The lessons from Friday October 10th seems to be to choosing your trading platform wisely, thinking long term, paying attention to potential tariffs or trade wars, and to remember: Bitcoin is a not a get rich quick scheme!
