Bitcoin’s Worst Day Is Returning. The Same October Week Now Has a New Market Threat
One year ago, Bitcoin (BTC) was worth more than ever. Four days later, one post from the White House erased $19 billion in bets.
Traders call that crash 10/10. It turns one on Saturday, and Bitcoin has still not recovered. It trades at $85,558, about 32% below its record.
How One Tariff Post Wiped Out 1.6 Million Traders
On October 6, 2025, Bitcoin hit about $126,200, effectively marking a new all-time high for the pioneer crypto. Four rays later on October 10, President Donald Trump announced a 100% tariff on Chinese goods. Crypto prices fell within hours.
Cryptocurrency prices tumbled on Friday after Trump said he would impose an additional 100% tariff on China and impose export controls on software. The declines precipitated — and then were made worse by — what data tracker Coinglass described as “the largest liquidation event in… pic.twitter.com/euSrIC6CwF
— Ajay Bagga (@Ajay_Bagga) October 11, 2025
Many traders had bet with borrowed money (leverage). When prices drop far enough, exchanges close those bets automatically. This is called a liquidation.
Data tracker Coinglass counted more than $19 billion in liquidations, its largest ever. About $7 billion vanished in one hour. Reportedly, over 1.6 million traders were hit.
The slide kept going, until the Bitcoin price ultimately bottomed near $58,600 on July 1.
Why Diesel Is the New Threat This October
This year, the danger sits at the pump. The US war with Iran is in its eighth month. Two things have happened this week that highlight growing tensions.
- Iran lawmakers seek to impeach Foreign Minister Abbas Araghchi over U.S. contacts.
- Iran oil Minister Mohsen Paknejad resigned.
Gulf crude is flowing again, at 91% of pre-war exports in September. Fuels such as diesel reached only 60%, Vortexa data shows.
Oil flows from the Gulf reached more than 80% of their pre-war levels in September, globally easing pressure on prices. Naveen Das of Kpler told Reuters high freight rates have encouraged shipowners back to the Gulf, but disruption is far from over pic.twitter.com/PkJ15xlXD8
— Reuters (@Reuters) October 6, 2026
US diesel averaged $6.41 a gallon on September 30, AAA says. That is about 73% higher than a year ago.
“Diesel is the fuel that moves nearly everything you buy,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
On Monday, Trump said the strait no longer drives fuel prices. He blamed refineries instead.
“What’s driving up Gasoline is no longer the Strait of Hormuz… but the word, ‘Refineries,'” the President wrote on Truth Social
Minutes after that post, a tanker in the strait was struck and caught fire, BeInCrypto reported on Monday.
The Group of Seven (G7) has agreed to release 100 million barrels of emergency oil. Even so, Brent crude, the global oil benchmark, still traded near $102 on Monday.
Saturday brings the 10/10 anniversary with oil above $100 and diesel above $6.