Bitcoin on Chinese flag
The recent flash crash in the crypto market has led to many speculations about what could have resulted in the crash. One of the speculations is that the crash resulted from the announcement of president Donald Trump’s China tariff.
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However, a crypto trader on 13 October said the crash has no connection to the tariff announcement at all.
There was no way out
The pundit known as CoinMamba on X said the phenomenal crypto crash was imminent and would have happened whether or not the tariff was announced.
He added that the announcement was only the little spark required to trigger the crash, which was mainly due to excessive leverage in the market.
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Trump has been announcing tariffs not just against China but other countries as well. This last announcement of a 100% tariff against China however became the final straw that broke the camel’s back.
CoinMamba says other factors such as bad CPI print or would have triggered the crash as well, so it cannot be solely attributed to tariff news.
In line with this position, X Community Notes has debunked claims that China sold all its Bitcoin holdings following the tariff announcement.
The note said more Chinese firms such as Next Technology Holdings are in fact buying more Bitcoins contrary to the claims.
Current market condition
Though the crash was huge, the market has quickly recovered from it and assets are on their way up.
Bitcoin for example which crashed to $11,000 is now trading at well over $115,000. Cardano is leading the recovery among the top ten assets with over 12% gain in the last 24 hours.
At this rate, analysts already see Bitcoin heading to $120,000 again, and new price levels within the week or in coming weeks.
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