There doesn’t appear to be a clear driver for the double-digit losses across, experts said.
The broader crypto market dropped on Friday evening, with Bitcoin (BTC) falling 12% below $108,000 and Ethereum (ETH) slipping 17% under $3,600 amid renewed risk-off sentiment.
Major altcoins followed suit, dragging total crypto market capitalization down about 15% to $3.59 trillion, according to CoinGecko data.
XRP experienced a 31% drop as experts warned of a “price crash.” The token is currently trading at $1.90, its lowest price since Nov. 2024. Meanwhile, its market cap dropped by 15% on the day to $115 billion.
BNB, on the other hand, is still hovering about $1,000, despite dropping nearly 20% on the day. The biggest loser on the day is Story’s IP, which has decreased 61%. Dogecoin, the largest memecoin by market cap, also dropped 39% on the day.
This comes shortly after President Donald Trump decided to impose an extra 100% tariff on China imports, CNBC reported. The new tariffs are expected to be implemented on Nov. 1st. The move comes in response to China imposing export controls on rare earth minerals.
“It has just been learned that China has taken an extraordinarily aggressive position on Trade in sending an extremely hostile letter to the World, stating that they were going to, effective November 1st, 2025, impose large scale Export Controls on virtually every product they make, and some not even made by them,” Trump wrote in a Truth Social post on Friday.
“This affects ALL Countries, without exception, and was obviously a plan devised by them years ago. It is absolutely unheard of in International Trade, and a moral disgrace in dealing with other Nations,” Trump added.
Source: https://thedefiant.io/news/markets/crypto-markets-plummet-as-btc-drops-below-usd106k