FameEX Hot Topics | Bitcoin Mining Stocks Recover After Trump's Tariff Warning Triggers Market Turmoil
2025-10-14 09:04:22The rebound in Bitcoin mining stocks came after a steep sell-off on Friday, triggered by President Trump’s announcement that he planned to impose 100% tariffs on Chinese imports. The announcement sparked concerns about a potential escalation of the trade war between the U.S. and China. Among the top performers in the rally were Bitfarms (BITF) and Cipher Mining (CIFR), both of which saw double-digit gains. Other mining stocks like Hut 8 Mining (HUT), IREN (IREN), and MARA Holdings (MARA) also experienced gains of more than 4%. Core Scientific (CORZ) and Riot Blockchain (RIOT) were also broadly higher at the beginning of the session.
However, Trump’s comments were later revealed to be based on a misunderstanding of China’s new export measures. The proposed tariffs were connected to a misinterpretation of China's expansion of export restrictions, particularly on rare earth minerals crucial for defense and semiconductor industries. This clarification came after further reports emerged over the weekend.
The confusion surrounding Trump’s statement led to a correction, with the President backpedaling on his initial remarks. On Truth Social, he reassured the public by writing, “Don’t worry about China, it will all be fine!” He also added, “Highly respected President Xi just had a bad moment,” attempting to ease fears of a worsening trade dispute.
To further clarify the situation, U.S. Treasury Secretary Scott Bessent stated that the 100% tariffs on China were not necessarily going to be implemented. Market analyst The Kobeissi Letter pointed out that Trump’s comments appeared to be a misinterpretation of China’s export restrictions, which had been announced on October 10th. This clarification helped restore some confidence in the markets, contributing to the rebound in Bitcoin mining stocks.
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