Bitcoin Faces October 10 Reminder as New Fuel Shock Emerges

Bitcoin (BTC) saw its highest-ever valuation twelve months ago. Within days, a White House statement wiped out $19 billion in leveraged positions.

Market participants refer to that event as 10/10. The anniversary falls this Saturday, with Bitcoin yet to regain its peak. Currently trading at $85,558, the cryptocurrency sits roughly 32% below the record high.

A Single Tariff Announcement Triggered a Record Selloff

On October 6, 2025, Bitcoin reached approximately $126,200, a fresh all-time high for the original digital asset. Four days later, on October 10, President Donald Trump declared a 100% tariff on Chinese products. Crypto values dropped sharply within hours.

Cryptocurrency prices tumbled on Friday after Trump said he would impose an additional 100% tariff on China and impose export controls on software. The declines precipitated — and then were made worse by — what data tracker Coinglass described as “the largest liquidation event in… pic.twitter.com/euSrIC6CwF

— Ajay Bagga (@Ajay_Bagga) October 11, 2025

A large number of traders had used borrowed funds, or leverage. When prices fall enough, exchanges automatically close those positions. That process is known as liquidation.

Coinglass, a data provider, recorded over $19 billion in liquidations, its biggest total on record. Roughly $7 billion disappeared within a single hour. More than 1.6 million traders were affected, according to reports.

The decline continued, with Bitcoin eventually bottoming out near $58,600 on July 1.

Diesel Prices Pose a New Danger This October

The risk this year is at the gas pump. The U.S. conflict with Iran has entered its eighth month. Two developments this week underscored rising tensions.

• Iranian lawmakers are moving to impeach Foreign Minister Abbas Araghchi over contacts with the U.S.
• Iran's Oil Minister Mohsen Paknejad has resigned.

Gulf crude exports have resumed, reaching 91% of pre-war levels in September. Fuel products such as diesel, however, reached just 60%, according to Vortexa data.

Oil flows from the Gulf reached more than 80% of their pre-war levels in September, globally easing pressure on prices. Naveen Das of Kpler told Reuters high freight rates have encouraged shipowners back to the Gulf, but disruption is far from over pic.twitter.com/PkJ15xlXD8

— Reuters (@Reuters) October 6, 2026

AAA data shows U.S. diesel averaged $6.41 per gallon on September 30. That is roughly 73% higher than a year earlier.

“Diesel is the fuel that moves nearly everything you buy,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

On Monday, Trump stated the strait no longer determines fuel prices. He instead placed blame on refineries.

“What’s driving up Gasoline is no longer the Strait of Hormuz… but the word, ‘Refineries,'” the President wrote on Truth Social

Minutes after that post, a tanker in the strait was hit and caught fire, as reported by BeInCrypto on Monday.

The Group of Seven (G7) has committed to releasing 100 million barrels from emergency reserves. Even so, Brent crude, the global oil benchmark, was still trading near $102 on Monday.

The 10/10 anniversary arrives on Saturday with oil above $100 and diesel above $6.