The crypto market was hit hard in the early morning, with the root cause stemming from Trump's sudden tariff policy. Trump posted on Truth Social accusing China of "sending letters to multiple countries, planning to implement export controls on all elements involving rare earths," criticizing this as a "hostile" move, equivalent to "holding the world hostage" with rare earth resources.

Immediately afterwards, Trump announced that the meeting with China scheduled for two weeks later during the Asia-Pacific Economic Cooperation (APEC) summit in South Korea was no longer necessary, effectively canceling the Xi-Trump meeting. Even more significantly, Trump announced after the U.S. stock market closed that starting from November 1, a new 100% tariff would be imposed on Chinese imports, and on the same day, export controls would be implemented on "all critical software."

This wave of news directly impacted Wall Street. On the 10th, U.S. stocks rose initially before falling, with the Dow Jones Industrial Average at one point rising by 283 points, only to later plunge by 887 points; the Nasdaq index at one point dropped by over 3.56%; the fear index (VIX) broke 20 for the first time since April, indicating a sudden increase in market pressure.

Panic in the stock market quickly spread to the crypto market. Bitcoin briefly dipped to 102K this morning.