New earthquake in the cryptocurrency market; Trump's 155% tariff shocks investors

The cryptocurrency market has seen a significant drop following Donald Trump's new threat to impose a 155% tariff on Chinese imports.

Trump warned during a meeting with the Australian prime minister that tariffs would increase significantly if China did not reach a trade deal by November 1. He also expressed hope that a deal with Chinese President Xi Jinping could be reached before that date.

These threats come as the 100% tariff on Chinese goods has not yet been officially implemented and speculation about its impact on the global economy is growing.

Meanwhile, the price of Bitcoin , which had previously risen to $111,500, has now fallen to the $107,810 range as concerns over trade tensions intensify.

Increased selling pressure from miners and whales has also fueled the downtrend. Data from Anchin shows that one of the well-known market whales, nicknamed Trump Insider Whale, has opened a $121.5 million short position in the Bitcoin market.