Bitcoin May Get ‘Dragged Around a Bit’ Amid Trump Tariff Fears: Exec

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In a world where Bitcoin’s price is more volatile than a soap opera plot, Swan Bitcoin CEO Cory Klippsten has come forward to declare that the cryptocurrency’s turbulent ride is far from over. After a brief dip to $102,000 on Friday, triggered by US President Donald Trump’s announcement of a 100% tariff on Chinese imports, Klippsten suggests that Bitcoin could face further drama ahead. “If the broader risk-off mood holds, Bitcoin can get dragged around a bit before it finds support and starts to decouple again,” he said in a conversation with CryptoMoon.

But hold your horses, Bitcoin enthusiasts! Klippsten didn’t stop there-he continued to warn that Bitcoiners should buckle up for turbulence in the coming days. “Macro-driven dips like this usually wash out leveraged traders and weak hands, then reset positioning for the next leg up,” he added, as if this was some kind of crypto detox program for the faint-hearted.

$8 Billion Wiped Out in Crypto Market

As the storm continued to brew, it wasn’t just Bitcoin that took a hit. The crypto market as a whole saw around $8.02 billion wiped off the books, with $2.19 billion in Bitcoin (BTC) long positions getting liquidated in just 24 hours, according to CoinGlass. The market’s panic was palpable, as traders scrambled to “derisk.”

“We’ve got a little panic in the markets right now, classic macro whiplash,” Klippsten observed. “Trump and China are trading tariff threats, equities are off, and traders are scrambling to derisk.” This is the kind of market drama that would make even a seasoned investor’s head spin, all while the crypto world clings to its dear life savings. 🌪

Ray Salmond, CryptoMoon’s head of markets, couldn’t contain his surprise, noting that leveraged traders were “totally caught off guard” by the tariff announcement, which sent shockwaves through the crypto landscape.

Salmond went on to highlight the price dislocation between crypto exchanges Coinbase and Binance, showing how Bitcoin’s price plunged from $107,000 on Coinbase to $102,000 on Binance perpetual futures. “This really illustrates the severity of the cascading liquidations,” he explained. Oh, what a beautiful mess!

Even liquidation heatmap data from Hyblock wasn’t spared, with their analysis showing “literally all downside long liquidity absorbed” with a liquidation cluster between $102,000 to $97,000. All that’s left now is to marvel at the wreckage of leveraged positions.

And, of course, this isn’t the first time Bitcoin has been caught in the wake of Trump’s tariff announcements. Back in April, his tariffs also sparked crypto market jitters, pushing Bitcoin to drop sharply. In February, when Trump signed his executive order imposing import tariffs on China, Canada, and Mexico, Bitcoin plunged below $100,000. Apparently, tariffs and Bitcoin just don’t mix. 🍿

Bitcoin Analysts Are Staying Optimistic

Despite all the chaos, some Bitcoin analysts remain ever hopeful-because what’s a crypto market without a bit of wild optimism? Bitwise Invest’s senior investment strategist, Juan Leon, took to X to remind everyone that “the best time to buy BTC has tended to be when it is being dragged down by broader markets.” Because nothing says “buy low, sell high” like buying during a panic, right?

Meanwhile, Matt Hougan, Bitwise’s chief investment officer, provided a little pep talk to his 85,900 followers, reminding them that “it never feels good when you buy the dip. The dip comes when sentiment drops.” So, if you’re feeling like this is the worst time to invest in Bitcoin, congratulations! You’re right on track.

“Writing the number down can be a good form of discipline,” Hougan wisely suggested, as if trying to convince people that scribbling down a number on a piece of paper could make the crypto market feel less like a roller coaster. 😅

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2025-10-11 02:42