Why did Bitcoin drop in $BTC ??
BREAKING: 🇺🇸🇨🇳 President Trump to impose 100% tariff on China starting November 1st.
Answer;
China is the second largest importer to the US, which is why the news of a tariff increase on Chinese products is very sensitive for the market.
Why did the crash happen so badly? Because of the liquidation effect, the rate cut issue made everyone optimistic and suddenly a new 100% tariff on Chinese products was announced, causing the market to over panic, so those who bought with margin/leverage had to be liquidated/sold off forcibly, adding selling pressure that should not have caused such a deep decline.