Bitcoin mining company stocks surged significantly on Monday, recovering from the losses caused by Friday's flash crash, which analysts attributed to a clear misunderstanding by U.S. President Donald Trump regarding China's new export control measures.
Bitfarms (BITF) and Cipher Mining (CIFR) led the charge, both recording double-digit gains. Hut 8 Mining (HUT), IREN (IREN), and MARA Holdings (MARA) also rose over 4%, while Core Scientific (CORZ) and Riot Blockchain (RIOT) generally opened higher.
This rebound came after a significant sell-off on Friday when Trump announced plans to impose a 100% tariff on Chinese imports, raising concerns about an escalation in the trade war. However, the president's remarks were later found to be based on a misunderstanding of China's new export measures. Trump subsequently retracted his statements over the weekend.
In a follow-up post on Truth Social, Trump wrote, "Don't worry about China, everything will be fine!" and added, "Respected President Xi is just having a bad moment."
U.S. Treasury Secretary Scott Bessent later clarified that the proposed 100% tariff on China "does not have to happen."
"This confirms our view that President Trump misunderstood the export controls announced on October 10," market commentator The Kobeissi Letter wrote, referring to China's expansion of export restrictions on rare earth minerals for the defense and semiconductor industries.
While the sell-off in cryptocurrency-related stocks on Friday was severe, the turmoil in digital assets themselves was far worse.
In dollar terms, Friday's flash crash marked the largest liquidation event in cryptocurrency history—surpassing even the FTX collapse—with approximately $19 billion in leveraged positions being wiped out. Compared to altcoins, Bitcoin showed relative resilience, as altcoins experienced a greater decline from peak to trough.
The sell-off was so intense that Crypto.com CEO Kris Marszalek called for regulators to investigate how exchanges handled the event. Marszalek questioned whether some platforms slowed down, mispriced assets, or failed to maintain adequate compliance controls during the crash.
About half of the liquidations occurred on the decentralized perpetual futures exchange Hyperliquid, where approximately $10.3 billion in positions were cleared. Bybit and Binance also reported significant liquidations.
Binance faced additional scrutiny, with reports that several token prices briefly dropped to zero. The exchange later stated that this anomaly was caused by a user interface display error affecting certain trading pairs. Additionally, Binance was linked to a bug that caused Ethena's synthetic dollar USDe to lose its dollar peg during the same period.
Guy Young, founder of USDe issuer Ethena Labs, later clarified that the de-pegging was unrelated to the minting or redemption process of USDe, but rather an isolated issue on Binance.
Related: Forbes Exclusive Reveals: Trump is a Major Player Behind Bitcoin, Holding $870 Million in BTC
Original article: “Bitcoin (BTC) Mining Stocks Bounce Back from Flash Crash Triggered by Trump Tariff Threat”
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