The cryptocurrency market extended its slide on October 12, with major tokens including Bitcoin and Ethereum falling sharply as investors fled to safe haven assets following U.S. President Donald Trump’s announcement of an additional 100% tariff on Chinese imports. The move sparked widespread market turmoil, driving traders toward gold and silver amid rising fears of a renewed trade war.
Market cap slips below $4 trillion
According to data from CoinMarketCap, the global cryptocurrency market capitalization fell to $3.7 trillion—down from last week’s record $4 trillion—while total trading volume stood at $250.02 billion. At 11:11 a.m., Bitcoin traded at $111,660.41, Ethereum at $3,817.26, Tether at $1, Binance Coin at $1,140.34, and XRP at $2.37.
Bitcoin continued to dominate market share despite the downturn, accounting for the majority of overall crypto capitalization.
Why is the crypto market down on October 12?
The decline marks the second consecutive day of losses for digital assets, as global investors react to Trump’s aggressive tariff measures and new restrictions on U.S. software exports to China. Market analysts warn that China’s potential retaliation could escalate tensions, deepening global risk aversion.
CoinMarketCap reported that the broader crypto market fell 0.89% over the past 24 hours, extending a seven-day slide of 11.5%. Cryptocurrencies also suffered their largest liquidation event of 2025 on October 11, with $19 billion wiped out in a single day.
Traders reduce exposure to risky assets
Open interest in crypto derivatives fell 18% as traders closed leveraged positions amid extreme volatility, indicating waning risk appetite. Analysts described the correction as a “combination of macro shockwaves and extreme leverage,” which together produced the crypto market’s worst day since the first quarter of 2025.
Investors are now watching whether Bitcoin can hold key technical support around $110,000 and if ETF inflows will resume once volatility eases.
Bitcoin and Ethereum prices today
As of the latest CoinMarketCap data, Bitcoin was down 1% over the past 24 hours and 10.38% over the past week, trading at $111,122.51. Its market capitalization stood at $2.22 trillion, while 24-hour trading volume dropped nearly 46% to $94.71 billion. Ethereum also slipped, losing ground alongside other major altcoins as sentiment across the crypto market remained fragile.
