Bitcoin Mining Stocks Rebound After Trump’s Tariff Scare

Shares of Bitcoin miners, including Bitfarms and Cipher Mining, rebounded after a market crash sparked by Donald Trump’s China tariff threat. Analysts blamed confusion over export rules.

Mining stocks surge as markets recover from flash crash

Bitcoin mining stocks rallied sharply on Monday, recovering from Friday’s steep sell-off triggered by confusion over China’s export policy. Analysts said the panic followed Donald Trump’s remarks about imposing 100% tariffs on Chinese imports.

Bitfarms (BITF) and Cipher Mining (CIFR) led the gains with double-digit jumps, while Hut 8 (HUT), IREN (IREN) and MARA Holdings (MARA) rose more than 4%. Core Scientific (CORZ) and Riot Blockchain (RIOT) also traded higher as sentiment improved.

The rally came after Trump’s comments caused fears of a new U.S.–China trade war. However, the president later clarified that his remarks stemmed from a misunderstanding of China’s export measures.

Trump walks back tariff comments over the weekend

On Truth Social, Trump wrote: “Don’t worry about China, it will all be fine!” adding, “President Xi just had a bad moment.” Later, U.S. Treasury Secretary Scott Bessent stated that the proposed tariffs “don’t have to happen.”

Analysts from The Kobeissi Letter confirmed that Trump had misinterpreted China’s October 10 export controls on rare earth minerals and semiconductors, which had no direct impact on U.S. imports.

Record crypto volatility and $19B in liquidations

While mining stocks rebounded, the crypto market experienced its biggest liquidation event ever — over $19 billion in leveraged positions were wiped out, surpassing the FTX collapse.

Bitcoin (BTC) proved more resilient than altcoins, falling to $111,900 before stabilizing.
Crypto.com CEO Kris Marszalek called for a regulatory probe into how exchanges handled the crash, questioning whether some platforms mispriced assets or slowed executions.

Roughly half of the wiped-out positions came from Hyperliquid, a decentralized perpetuals exchange. Bybit and Binance also suffered major losses.

Binance faced extra scrutiny after several tokens temporarily dropped to zero due to a UI glitch. The exchange was further linked to a brief USDe stablecoin depeg, which Ethena Labs later confirmed was isolated to Binance’s internal price feed.