Bitcoin Mining Stocks Soar After Trump’s “Tariff Tumble” – What Happened Next?

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On a Monday that could have been straight out of a surreal dream, shares of Bitcoin mining companies staged a magnificent rebound. They vaulted upwards with a kind of reckless grace that would have made even the most seasoned investor blink. This, after a Friday’s flash crash that saw values plummet, the root cause of which was traced to a certain US president’s… *shall we say, charming* misunderstanding of Chinese export controls. Oh, the drama!

Bitfarms (BITF) and Cipher Mining (CIFR), like the stars they are, led the charge with double-digit gains, galloping ahead in a way that surely left some traders breathless. Not far behind, Hut 8 Mining (HUT), IREN (IREN), and MARA Holdings (MARA) managed to creep above the 4% mark with a good-natured flicker of upward momentum, while Core Scientific (CORZ) and Riot Blockchain (RIOT) enjoyed a more modest rise – still, they were happy to tag along for the ride.

The market’s recovery came swiftly after Friday’s steep sell-off, ignited by Trump’s announcement of a 100% tariff on Chinese imports, which triggered the kind of market anxiety you’d expect from a late-night horror flick. Traders panicked, the market trembled, and the world waited with bated breath for the next catastrophe. However, it was later revealed that Trump had, in fact, misunderstood China’s export measures. Talk about an expensive oops!

In a follow-up post on Truth Social, the President himself assured everyone, saying, “Don’t worry about China, it will all be fine!” He added a lighthearted remark about Chinese President Xi: “Highly respected President Xi just had a bad moment.” A gentle way to say, “I messed up, but it’s okay now, folks!”

US Treasury Secretary Scott Bessent, ever the voice of reason, clarified that the 100% tariff proposal was not *really* going to happen. Phew!

“This confirms our view that President Trump misinterpreted export controls announced on October 10th,” wrote market commentator The Kobeissi Letter, drawing attention to China’s export restrictions on rare earth minerals used in defense and semiconductors. A little diplomatic foot-in-mouth moment, anyone?

Crypto Market Volatility Hits Record Levels

As if the sell-off in Bitcoin stocks wasn’t enough, the crypto world itself faced an even more chaotic plunge. On Friday, the flash crash wasn’t just a blip – it was the biggest liquidation event in crypto history. Move over, FTX collapse! We had about $19 billion in leveraged positions vaporized. Bitcoin (BTC) played the part of a stoic hero, staying relatively strong while altcoins took a nosedive from peak to trough.

The sell-off was so dramatic that Kris Marszalek, CEO of Crypto.com, called for an investigation into how exchanges handled the debacle. He wondered aloud if some platforms had intentionally mispriced assets, slowed things down, or – dare we say it – were simply not prepared for the madness?

Almost half of the liquidations occurred on Hyperliquid, a decentralized perpetual futures exchange. Around $10.3 billion vanished into thin air. Bybit and Binance also reported significant wipeouts, leaving traders scratching their heads and clutching their wallets. Ouch.

Binance, always in the spotlight, found itself in more hot water as reports surfaced that some token prices had briefly plunged to zero. Later, they claimed the issue stemmed from a pesky user interface display bug. A bug? Well, that’s convenient. In addition to this, Binance was also linked to an exploit that caused Ethena’s synthetic dollar (USDe) to lose its dollar peg. And just when we thought things couldn’t get crazier, it turned out that the price discrepancy was entirely Binance’s fault.

“The severe price discrepancy was isolated to a single venue, which referenced the oracle index on its own orderbook, not the deepest pool of liquidity, and was facing deposit and withdrawal issues during the event, which did not allow market makers to close the loop.”

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2025-10-13 20:40