The global cryptocurrency market, including Vietnam, experienced a significant downturn last night and early this morning, with Bitcoin (BTC) plunging over 8% to $112,000, according to data from the OKX exchange.
CoinTelegraph reports that Bitcoin’s price briefly dropped below $106,000 shortly after U.S. President Donald Trump announced a 100% tariff on Chinese goods. This move is seen as the catalyst for a widespread sell-off across both financial and cryptocurrency markets.
President Trump stated that the new tariffs are a response to China’s restrictions on the export of rare earth minerals, which are critical for computer chip manufacturing.
Bitcoin’s sharp decline to the $112,000 range. Source: OKX
On Truth Social, Trump wrote, “Just learned that China has taken an extremely aggressive stance on trade, announcing that effective November 1, 2025, they will impose large-scale export controls on most of their manufactured products.”
Previously, Trump’s tariff announcements in April also caused turmoil in the cryptocurrency market and raised concerns about an economic recession.
Other major cryptocurrencies were heavily impacted as well, with Ethereum (ETH) dropping over 13% to $3,780, BNB falling more than 11% to $1,110, XRP declining nearly 15% to $2.3, and Solana (SOL) plunging over 15%.
According to CoinGlass data, in the past 24 hours, the total liquidated trading volume in the market reached $9.4 billion. The global cryptocurrency market capitalization currently stands at $3.7 trillion, a 10% decrease in just 24 hours.
As the market tumbled, many Vietnamese investors expressed panic, unsure whether to hold or sell their assets to preserve wealth. In online forums, several users advised investors to remain calm and avoid hasty sell-offs. One investor, Mr. Phương Đông from Ho Chi Minh City, shared, “After a single liquidation order, all my monthly profits vanished. I sold half of my holdings and am still debating whether to sell more. Many other investors are equally anxious, holding their breath as the market plunges.”
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