Key Takeaways:
- Bitcoin mining stocks rebounded sharply after Trump’s tariff-related comments were clarified, with firms like Bitfarms and Cipher Mining posting double-digit gains.
- The broader crypto market experienced extreme volatility, with nearly $19 billion in leveraged positions liquidated in a single day, surpassing even the FTX collapse.
- Binance and Hyperliquid faced scrutiny for technical issues and pricing anomalies, while Ethena Labs addressed a brief USDe depeg incident as venue-specific.
Bitcoin mining stocks rebounded sharply on Monday, recovering from Friday’s steep sell-off caused by President Donald Trump’s mistaken interpretation of China’s export rules.
Leading the gains were Bitfarms (BITF) and Cipher Mining (CIFR), both surging by double digits, while Hut 8 (HUT), IREN (IREN), and MARA Holdings (MARA) rose more than 4%.
🔔 Bitfarms $BITF hits all-time high on price and daily social mentions. pic.twitter.com/mbzJkRTb7d
— LunarCrush Social Analytics (@LunarCrush) October 13, 2025
Other miners, including Core Scientific (CORZ) and Riot Blockchain (RIOT), also climbed.
The panic on Friday followed Trump’s call for a 100% tariff on Chinese goods, which later proved to be based on a misunderstanding of China’s export policy updates.
Treasury Secretary Scott Bessent clarified the tariffs “don’t have to happen,” easing investor fears.
Meanwhile, the crypto market suffered extreme volatility, recording $19 billion in liquidations – the largest single-day wipeout in history.
About $10.3 billion came from the Hyperliquid exchange, while Bybit and Binance also faced major losses.
Crypto.com CEO Kris Marszalek urged regulators to investigate potential trading irregularities.
Binance further faced scrutiny after some tokens briefly displayed $0 prices, which it blamed on a user interface bug, and for an unrelated USDe depeg incident later clarified by Ethena Labs.
About The Author
Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.
His extensive experience and features in top-tier publications like Forbes and CNN underscore his deep understanding of the crypto world and its future potential.
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