The Bitcoin, Ethereum, and Dogecoin prices are crashing today, sparking bearish sentiment in . This followed the U.S. President Donald Trump’s move, which has ignited fears of a full-blown trade war with China. 

Why The Bitcoin, Ethereum, and Dogecoin Prices Are Crashing

The Bitcoin, Ethereum, and Dogecoin prices are down today, according to . The flagship crypto has dropped to as low as $104,000 over the last 24 hours, wiping out its early October gains that led to a new above $126,000. Ethereum dropped to as low as $3,400, while Dogecoin broke below the psychological $0.2 level and fell to $0.11. 

This massive crash in Bitcoin, Ethereum, and Dogecoin followed , in which he announced that the U.S. will impose a , over and above any tariffs they are currently paying, starting on November 1. He added that they will also impose Export Controls on any and all crucial software from China starting on November 1. 

Notably, Trump had earlier in the day to massively increase tariffs on China, while stating that the country was becoming hostile. This initial threat caused Bitcoin to sharply drop below $120,000 from a high of around $122,000. Meanwhile, the also faced sharp declines. 

Bitcoin was trading around $116,000 when Trump announced a 100% tariff on China, which sent the crypto market into a spiral. also pushed Ethereum and Dogecoin to intraday lows of $3,400 and $0.11, respectively, extending their market losses. Meanwhile, these massive declines for the crypto assets contributed to the largest liquidation event in crypto’s history. 

shows that $20 billion has been wiped out from the crypto market in the last 24 hours, driven by crashes in Bitcoin, Ethereum, and Dogecoin prices. This liquidation event was larger than the COVID-19 crash and the . 

Exchanges May Have Contributed To The Crash

suggested that crypto exchanges may have contributed to the crash in the Bitcoin, Ethereum, and Dogecoin prices. In an , he stated that the word on the street is that big CEX’s auto liquidation of collateral ties to cross-margined positions is why many altcoins “got smoked on the move down.” He congratulated those who bought the dip, stating that market participants are unlikely to see those levels again anytime soon on many high-quality altcoins. 

Crypto analyst that the drop in Bitcoin, Ethereum, and Dogecoin prices was caused by serious issues across top exchanges like Robinhood, . He added that what makes it even worse is that these exchanges didn’t let people buy the dip at the lowest point.