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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

Here’s Why The Bitcoin, Ethereum, And Dogecoin Prices Are Crashing

Scott Matherson
Scott Matherson
Last Updated: October 11, 2025 10:00 am
3 mins read
Bitcoin

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The Bitcoin, Ethereum, and Dogecoin prices are crashing today, sparking bearish sentiment in the crypto market. This followed the U.S. President Donald Trump’s move, which has ignited fears of a full-blown trade war with China. 

Why The Bitcoin, Ethereum, and Dogecoin Prices Are Crashing

The Bitcoin, Ethereum, and Dogecoin prices are down today, according to CoinMarketCap data. The flagship crypto has dropped to as low as $104,000 over the last 24 hours, wiping out its early October gains that led to a new all-time high (ATH) above $126,000. Ethereum dropped to as low as $3,400, while Dogecoin broke below the psychological $0.2 level and fell to $0.11. 

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Bitcoin

Here’s Why The Bitcoin, Ethereum, And Dogecoin Prices Are Crashing

1 month ago

This massive crash in Bitcoin, Ethereum, and Dogecoin followed Trump’s Truth Social post, in which he announced that the U.S. will impose a 100% tariff on China, over and above any tariffs they are currently paying, starting on November 1. He added that they will also impose Export Controls on any and all crucial software from China starting on November 1. 

Notably, Trump had earlier in the day threatened to massively increase tariffs on China, while stating that the country was becoming hostile. This initial threat caused Bitcoin to sharply drop below $120,000 from a high of around $122,000. Meanwhile, the Ethereum and Dogecoin prices also faced sharp declines. 

Bitcoin was trading around $116,000 when Trump announced a 100% tariff on China, which sent the crypto market into a spiral. BTC’s further decline also pushed Ethereum and Dogecoin to intraday lows of $3,400 and $0.11, respectively, extending their market losses. Meanwhile, these massive declines for the crypto assets contributed to the largest liquidation event in crypto’s history. 

CoinGlass data shows that $20 billion has been wiped out from the crypto market in the last 24 hours, driven by crashes in Bitcoin, Ethereum, and Dogecoin prices. This liquidation event was larger than the COVID-19 crash and the FTX bankruptcy crash. 

Exchanges May Have Contributed To The Crash

BitMEX co-founder Arthur Hayes suggested that crypto exchanges may have contributed to the crash in the Bitcoin, Ethereum, and Dogecoin prices. In an X post, he stated that the word on the street is that big CEX’s auto liquidation of collateral ties to cross-margined positions is why many altcoins “got smoked on the move down.” He congratulated those who bought the dip, stating that market participants are unlikely to see those levels again anytime soon on many high-quality altcoins. 

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Bitcoin Short-Term Prediction: Why The Price Will Cross $140,000 By The End Of October

1 month ago

Crypto analyst Kevin Capital opined that the drop in Bitcoin, Ethereum, and Dogecoin prices was caused by serious issues across top exchanges like Robinhood, Coinbase, and Binance. He added that what makes it even worse is that these exchanges didn’t let people buy the dip at the lowest point.

Bitcoin
BTC trading at $110,415 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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