Markets
After the tariff shock, Bitcoin and Ether stabilize but volumes contract
Two days after an episode of extreme volatility triggered by the announcement of 100% tariffs on Chinese imports, Bitcoin and Ether have partially recovered but on declining volumes. Market participants are now refocusing on upcoming US monetary policy signals, seen as the main determinant of crypto liquidity in the short term.
On October 10 and 11, 2026, the announcement of 100% tariffs on Chinese imports led to an intraday drop of more than 12% for Bitcoin and 15% for Ether, according to a report by the European Securities and Markets Authority (ESMA) published in March 2026. The episode illustrates the persistent sensitivity of major digital assets to macroeconomic shocks, in a context where market structure remains heavily interconnected with derivatives markets and stablecoin liquidity.
ESMA estimates that this session triggered around 16,9 Mds € (19 Mds $) of automatic liquidations of derivative positions, making it the largest day of liquidations in the history of the crypto market. The scale of these forced unwinds highlights the central role of leverage in price dynamics. It also underscores how quickly trade policy announcements can be transmitted to digital markets via futures markets and margin products.
A market update dated October 11, 2026 indicated Bitcoin around 74 000 € (83 000 $) and Ether near 2 235 € (2 506 $), in a consolidation phase of low volatility after the initial shock. These levels marked a relative stabilization, but in an environment described as more cautious, where many players reduce their directional exposure and closely monitor flows on derivatives platforms.
Our price reference of October 12 now places Bitcoin around 74 999 € (84 149 $) and Ether around 2 288 € (2 568 $), signaling a market that has regained some of the ground lost since the October 10 shock. Market commentary published on October 11 highlights a repositioning of operators around upcoming US inflation data and the Federal Reserve’s tightening schedule, viewed as the main liquidity catalysts for crypto-assets in the short term.