Featured Image Credit: The Washington Post / Contributor via Getty
President Donald Trump is trying to continue his mission to make America 'great', but as one of the most powerful people in the world, he has the ability to make or break a whole economy without even a swish of his pen. In fact, it turns out that the POTUS only needs a tongue to bring an industry to its knees.
Since stepping back into the White House in January 2025, Donald Trump has tried to embrace the ever-evolving landscape of technology.
As well as controversially investing billions in artificial intelligence, there were complaints about a potential conflict of interest when he launched his own meme coin. While he'll enter the history books as the first President to buy goods with Bitcoin when he bought a burger with crypto, some critics have said he has no idea how it all works.
After the confessed technophobe already wreaked havoc on his own meme coin with his trade tariffs, he's now accused of crashing the Bitcoin market.
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Bitcoin was initially booming in 2025, with ambitious projections tapping a possible $200 ceiling, although that now feels a million miles away. Despite Elon Musk being a massive Bitcoin investor through SpaceX, he's foreshadowed a grim end where America will eventually go bankrupt if something isn't done.
After already plummeting to $104,288 and dropping below the critical 200-day moving average, Bitcoin has continued the worst October in a decade with an equally worrying November. At the time of writing, Bitcoin sits at a particularly glum $102,656.
Following the October crash that was supposedly triggered by Trump, the current price is the worst since the end of June.
It comes off the back of the President threatening to levy 100% tariffs on China, which led to what CoinGlass referred to as "the largest liquidation event in crypto history,” and an unprecedented liquidation led to a $19.13 billion loss on the volatile crypto market.
Things have gotten slightly better thanks to October 27 reports that Trump and China’s President Xi Jinping were making 'progress' on a trade deal, with the former hinting that he'll ease up on his tariffs.
The largest liquidation event in crypto history.
— CoinGlass (@coinglass_com) October 10, 2025
In the past 24 hours, 1,618,240 traders were liquidated, with a total liquidation amount of $19.13 billion.
The actual total is likely much higher — #Binance only reports one liquidation order per second.… pic.twitter.com/tvMCILVgU0
Still, the fact that there's been another dip means Finance Magnates' Damien Chmiel warns there could be worse to come. Discussing what could come next, Chmiel explained: "If this level doesn't hold and Bitcoin fails its ultimate test, I would expect further and stronger Bitcoin depreciation. How low can the cryptocurrency fall, however? At this moment, I would point to three potential levels or target ranges."
The worst scenario could see Bitcoin slide by nearly 30% and wipe nearly all of the past six months' upward rally. Lacie Zhang, Research Analyst at Bitget Wallet, is more optimistic, adding: "Market data and technical signals suggest Bitcoin may trade within a $94,000–$118,000 range in the near term. The lower bound represents a healthy retracement zone consistent with subdued ETF inflows, while the upper range reflects a measured recovery below the October high near $125K."
Joel Kruger, strategist at LMAX, remains confident that the upward trend will continue, and despite recent fumbles, he reminds us of how much Bitcoin has grown since 2023.
This might not be enough for the likes of Chmiel, who thinks things could go as low as $74,000 and has even branded Bitcoin as a ‘sell’.
