As of 10:13 am IST, Ethereum was up by 8.67% at $4,134. Other major tokens—including BNB, XRP, Solana, Dogecoin, Tron, Cardano, and Hyperliquid—surged up to 14%. Overall, the crypto market capitalisation went up by 4.82% to $3.89 trillion, according to CoinMarketCap.
Also Read | Best flexi cap mutual funds to invest in October 2025Among the above-mentioned altcoins, BNB has witnessed the highest surge of 13.73% in the 24 hours, followed by Dogecoin, which jumped 11.11% in the same time period.Edul Patel, CEO of Mudrex says that Bitcoin has recovered over 12% from the weekend lows, while Ethereum has reclaimed the $4000 level and hopes of possible de-escalation talks between the US and China, along with $259 million in short liquidations, have eased selling pressure, fueling the rally.
However, to confirm a sustained rally, BTC must move above the key resistance zone of $120,000, while support stands at $113,500. Any dovish signal from Jerome Powell on rate cuts during his Wednesday speech could further strengthen Bitcoin’s upward trajectory, Patel added.According to a report by ET, a 100% tariff announcement on Chinese exports sent tremors through global markets over the weekend, triggering one of the most violent crypto sell-offs on record and wiping out nearly one trillion dollars off the crypto market in less than 24 hours.In his statement, Trump accused China of taking an unprecedented position by restricting the export of materials vital to global technology manufacturing. The move, he said, left the US with no choice but to respond in kind.
“Starting November 1st, 2025, or sooner depending on China’s actions, the United States of America will impose a tariff of 100 percent on China,” the president wrote.
Bitcoin plunged from above $125,000 to below $104,000 within hours, while Ethereum dropped 11% to around $3,878. Major altcoins such as XRP, Dogecoin, and Cardano also faced heavy selling, losing up to 30% amid what traders described as a cascade of leveraged liquidations across the crypto market, said the ET report.
Data from CoinGlass showed that over $20 billion worth of leveraged positions were wiped out in just 24 hours, the largest single-day liquidation event in the history of cryptocurrency trading. Roughly 1.6 million traders had their positions forcibly closed, with the majority holding long bets on Bitcoin and Ethereum, the ET report added.
In the last one week, Bitcoin and Ethereum have edged down by 7.35% and 8.75% respectively.
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Sathvik Vishwanath, Co-Founder & CEO, Unocoin, said that Bitcoin briefly plunged nearly 9% following Donald Trump’s aggressive tariff threats against China, triggering a broad risk-off move, and the drop saw BTC fall below key support at $108,000, touching $104,700, where it met the 50-day moving average—acting as dynamic support.
While sharing technical analysis, Vishwanath added that, “RSI dipped into oversold territory, prompting a swift rebound. Within hours, BTC reclaimed $110,000 as Trump softened his tone and reaffirmed crypto-friendly policies, including a proposed “Crypto Strategic Reserve.” The quick recovery was fueled by institutional dip-buying and short liquidations. Technically, Bitcoin remains in a bullish structure, consolidating below $123,000 resistance, with momentum favouring upside if macro conditions stabilise.”
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