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Bitcoin, ether slide as U.S.-China tensions reignite, wiping out earlier gains

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Bitcoin and ether fell sharply on Tuesday as rising U.S.-China trade tensions erased the previous day’s rebound, underscoring the crypto market’s fragility following last week’s record liquidation event.

Bitcoin dropped as low as $110,023.78 before recovering slightly to $113,129, down 2.3%, while ether slid 3.7% to $4,128.47 after hitting an intraday low of $3,900.80. The world’s largest cryptocurrency has fallen more than 12% since reaching a record $126,000 on October 6.

The renewed decline came as both the U.S. and China imposed new port fees on ocean shipping companies, escalating their trade dispute and disrupting global supply chains. Analysts said the move transformed maritime trade into a new battleground in the ongoing economic conflict between the world’s two biggest economies.

Altcoins bore the brunt of the sell-off, with some tokens plunging as much as 80% on certain exchanges. Analysts said automated liquidations on leveraged platforms further amplified volatility as margin calls forced traders to unwind positions.

“As long as U.S.-China relations remain tense and equities are heavily concentrated in tech, crypto will struggle,” said Juan Perez, director of trading at Monex USA. “When fundamentals weaken, bitcoin and ether lose their footing because their value depends on broader investor confidence.”

The slump follows last Friday’s $19 billion crypto liquidation, the largest in market history, which was triggered by Trump’s 100% tariff threat on Chinese imports and Beijing’s retaliatory rare earth export restrictions.

Crypto traders rush to hedge after record $19 billion market wipeout

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After the largest crypto liquidation in history, investors in the options market are scrambling to protect themselves from another potential collapse in bitcoin and ether, bracing for heightened volatility following last week’s dramatic sell-off.

More than $19 billion in leveraged crypto positions were liquidated last Friday as panic selling and thin liquidity triggered violent swings. Analysts said the 24-hour liquidation was nine times larger than the February 2025 crash and 19 times greater than the 2020 and FTX meltdowns combined. The sell-off was sparked by U.S. President Donald Trump’s announcement of 100% tariffs on Chinese imports and threats of export controls on critical software.

Bitcoin plunged as low as $104,782, down over 14% from its recent record high of $126,000. It has since recovered to around $115,700. Ether also dropped more than 12%, while altcoins such as DOGE, HYPE, and AVAX saw losses exceeding 50% before partially rebounding.

Options traders have since piled into put contracts — which grant the right to sell — at strike prices of $115,000 and $95,000 for bitcoin and $4,000 and $3,600 for ether, signaling rising bearish sentiment through year-end, according to data from Derive.xyz.

Despite the turmoil, on-chain analyst Willy Woo said bitcoin’s investor flows have remained relatively stable compared to other assets, suggesting capital may be rotating from altcoins into bitcoin rather than exiting crypto altogether. Still, analysts caution that bitcoin must overcome key resistance levels before regaining upward momentum.

Grayscale Launches Dogecoin Investment Fund Amid Rising Altcoin Interest

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Grayscale Investments announced the launch of its Dogecoin-focused investment fund on Friday, aiming to capitalize on the growing interest in altcoins beyond Bitcoin. The Grayscale Dogecoin Trust will provide investors with exposure to the popular cryptocurrency, which the firm says has evolved from a mere “memecoin” to a legitimate financial tool for global transactions.

As investor appetite for alternative digital assets expands, Grayscale sees an opportunity to tap into Dogecoin’s increasing adoption as a means of payment and financial inclusion. Rayhaneh Sharif-Askary, Grayscale’s head of product and research, highlighted Dogecoin’s role in enabling participation in financial systems for underserved communities.

Grayscale, a Connecticut-based crypto asset manager, offers over 25 investment products tied to various digital assets. The new trust, which aims to track Dogecoin’s market price, is available to accredited individual and institutional investors.

Originally created in 2013 as a joke, Dogecoin has gained significant traction, fueled in part by Tesla CEO Elon Musk’s public endorsements. The cryptocurrency now ranks as the eighth-largest digital token, with a market capitalization of approximately $50 billion, according to CoinGecko.

The influence of Dogecoin has also extended into politics, with the Department of Government Efficiency (DOGE), a Musk-led advisory group under the Trump administration, referencing the cryptocurrency in its branding.