Shares of Bitcoin mining companies rose dramatically on Monday, recovering from Friday’s losses that had been kept in the flash of Flash that analysts were linked to President Donald Trump’s apparent misunderstanding of new Chinese export controls.
Bitfarms (Bitf) and Cipher Mining (CIFR) led the rally, each posting of double digits. Hut 8 Mining (Hut), Iren (Iren) and Mara Holdings (Mara) also climb more than 4%, while the Core Scientific (Corz) and Riot Blockchain (RIOT) are widely exchanged higher at the start of the session.
Rebound followed a steep seller-off on Friday After Trump announced plans to impose 100% tariffs on Chinese imports, spitting fear in a rising trade war. The president’s comments, however, were eventually expressed based on a dispute with the new steps to export China. Next Trump walked back his comments on the weekend.
To a follow-up Post In social reality, Trump wrote: “Don’t worry about China, everything will be fine!” Adding, “The highly respected President Xi had just a bad moment.”
Treasury Secretary Scott Bessent later made it clear that the proposed 100% tariffs in China were “no need to happen.”
“It confirms our view that President Trump is interpreting export controls revealed on October 10th,” Kobeissi’s commentator of Kobeissi’s letter wrote, referring to China’s expansion of exporting restrictions on rare land minerals for defense and semiconductor industry.
Related: $ 19B Crypto Market Crash: Is it leverage, China tariffs or both?
Volatility in the crypto market hits record levels
While the sale of Friday in crypto -related stocks is steep, the excitement of the digital assets itself is more severe.
In terms of dollars, Flash Crash of Friday Marked the biggest event in crypto history – which exceeded even the fall of the FTX – with approximately $ 19 billion in leveraged positions. Bitcoin (Btc) proven to be quite resilient compared to altcoins, which have seen losses from the peak to trough.
Sell-off is so much crypto.com CEO Kris Marszalek Call for regulators to investigate Exchanging event handling. Marszalek questioned whether some platforms slowed down, incorrectly owned or failed to maintain adequate control controls.
Extremely half of all the fluids that occur in HyperliquidA decentralized ongoing replacement of futures, in which about $ 10.3 billion positions were removed. Bybit and Binance also reported significant prevention.
Binance is faced with further investigation Amid reports that many token prices briefly fell to zero. The exchange said the anomaly was caused by a user interface interface affecting several trading pairs. Separately, Binance is linked to an exploitation that caused Ethena’s synthetic dollar, the USDE, to lose the dollar peg at the same time.
Guy Young, founder of USDE ISSUER ETHENA LABS, Eventually clarified That DEPEG is not related to the USDE MINTING process or redemption and rather an isolated issue with Binance:
“The extreme difference -the price variety is separated somewhere, referring to the Oracle index in its own orderbook, not the deepest liquidity pool, and faced with deposit and deposit issues during the event, which does not allow market makers to close the loop.”
Magazine: ‘Debasement Trade’ will pump Bitcoin, Ethereum Dats will win: Hodler’s Digest, October 5 – 11
