Bitcoin, Ethereum Dive Alongside Stocks as Trump Threatens 'Massive' China Tariffs

Market Reaction - Cryptocurrency prices experienced a significant decline, with Bitcoin falling below $119,000 for the first time since October 2, trading at $119,028, down 1.7% on the day [1] - Other major cryptocurrencies, such as Ethereum and Solana, saw sharper declines, with both down nearly 5% in the last hour, priced at $4,107 and $211 respectively [1] Liquidation Events - The crypto market faced a surge in liquidations, with CoinGlass reporting $459 million worth of liquidations in the last hour, predominantly from long positions [2] - Over the past 24 hours, nearly $773 million worth of positions have been liquidated [2] Broader Market Impact - The stock market indices also reflected a downturn, with the Nasdaq down 1.77%, the S&P 500 down 1.25%, and the Dow decreasing by 0.83% [2] Political Context - President Trump indicated a potential increase in tariffs on Chinese products, suggesting that this policy could have long-term benefits for the U.S. [3]