Bitfarms and Cipher Mining surged by double digits after a historic crypto crash triggered by Donald Trump’s threat to impose 100% tariffs on Chinese imports.
Bitcoin mining companies rebound after historic market crash triggered by Trump
Bitcoin mining stocks rebounded sharply on Monday, reversing losses from Friday’s flash crash when markets plunged after Donald Trump’s false announcement of new tariffs on China.
Bitfarms (BITF) and Cipher Mining (CIFR) led the gains with double-digit gains. Hut 8 (HUT), IREN, MARA Holdings (MARA), Core Scientific (CORZ) and Riot Blockchain (RIOT) followed.
The rally was in response to a panic sell-off on Friday when Trump said he would impose 100% tariffs on Chinese imports. It later emerged that the president had misunderstood China’s new export restrictions and had already retracted his words over the weekend.
“Don’t worry about China, everything will be fine!” he wrote on Truth Social.
US Treasury Secretary Scott Bessant confirmed that “tariffs may not happen.”
Crypto markets suffer biggest liquidation in history
While mining stocks quickly recovered, the loss of capital in the crypto market has become unprecedented: $19 billion in positions were liquidated in 24 hours — more than during the FTX collapse.
Bitcoin (BTC) has shown relative resilience, while altcoins have collapsed even more.
Hyperliquid was the worst hit, with over $10.3 billion in positions wiped out, while Bybit and Binance also suffered massive losses.
Crypto.com CEO Chris Marszalek called on regulators to investigate the exchanges’ actions:
“Some platforms may have artificially slowed down trading or incorrectly reflected prices during the crash.”
Binance under fire again
Users reported that prices of some tokens on Binance briefly dropped to zero. The exchange attributed this to an interface error, but the market’s attention has already been focused on something else — the USDe de-peg from Ethena Labs.
Ethena founder Guy Young said the problem was not related to the token itself, but was caused by Binance’s internal oracle, which used its own data instead of an external price feed:
“It was a localized outage on one exchange with temporary restrictions on deposits and withdrawals that prevented market makers from closing the arbitrage.”
What’s Next
Despite the record liquidation, optimism among miners and traders remains. The market has perceived the incident as a short-term “storm” caused by political noise and technical glitches, rather than fundamental risks to the crypto economy.
After clarifications from the White House and the restoration of liquidity, analysts expect Bitcoin and related assets to continue their corrective growth, bringing back investors who exited the market during the “tariff panic.”
Related: Bitcoin Mining Difficulty Hits Record High, Pressures Small Players
