The cryptocurrency market, along with Bitcoin, the world’s largest token, was down for the second day in a row on October 12 after markets collapsed following US President Donald Trump’s 100% additional tariffs on China.
The market capitalization of cryptocurrencies fell to $3.7 trillion from a record $4 trillion recorded last week. Trading volume stands at $250.02 billion, according to data from CoinMarketCap.
As of 11:11 a.m., Bitcoin was at $1,11,660.41, Ethereum at $3,817.26, Tether at $1, Binance coin at $1,140.34, and XRP at $2.37.
Why is the crypto market down on October 12?
According to CoinMarketCap analysis, the broader crypto market fell 0.89% over the past 24 hours, extending a seven-day decline of 11.5%.
According to the analysis, the main reasons are the geopolitical shock caused by Donald Trump’s additional 100% tariffs on China and the limitation of US software exports. There are also fears of a trade war if China retaliates.
Cryptocurrencies experienced their largest sell-off, worth $19 billion, on October 11, following Donald Trump’s announcement. Stock and crypto markets collapsed as investors rushed to safe-haven options such as gold and silver amid volatility and uncertainty.
Traders wary of cryptos: what is the support level to watch?
Among traders, the analysis found that open interest fell 18 percent as traders exited risky positions, indicating a weak appetite for investment.
According to the analysis, the fall is a “combination of macroeconomic shockwaves and extreme leverage”, which created the worst crypto day since the first quarter of 2025. It adds that traders should monitor whether Bitcoin holds support at $1,10,000 and whether ETF inflows resume after the sell-off.
Crypto prices today: Bitcoin, Ethereum
According to data from CoinMarketCap, Bitcoin was at $1,11,122.51, down 1% in the last 24 hours and 10.38% in the last seven days. The market capitalization also fell by almost 0.90 percent to $2.22.21 billion, with trading volumes down 45.84 percent in the last 24 hours to $94.71 billion.
And the world’s second-largest cryptocurrency, Ethereum, stood at $3,798, down 0.39 percent from the previous day, with market capitalization at $458.43 billion and trading volume down 50 percent to $54.44 billion.
