Bitcoin's dramatic plunge on October 10th, from $122,000 to $104,000, stemmed primarily from President Trump's announcement of additional 100% tariffs on Chinese goods, following China's rare earth export controls.

This macro event was exacerbated by technical issues at Binance, increasing volatility. Intriguingly, a Bitcoin OG, known for a prior $200 million profit, opened a massive short position about 30 minutes before the tariff announcement. This perfectly timed bet, leading to significant profits, has sparked allegations of insider trading, highlighting the market's vulnerabilities and power dynamics.