Cryptocurrency prices have plunged after Donald Trump vowed to hit China with fresh 100pc tariffs within weeks.

America will also impose export restrictions on “any and all critical software” after the US President accused Beijing of holding the world to ransom by announcing its own round of export controls.

Mr Trump said on Truth Social: “Starting November 1st, 2025 (or sooner, depending on any further actions or changes taken by China), the United States of America will impose a Tariff of 100% on China, over and above any Tariff that they are currently paying.

“Also on November 1st, we will impose Export Controls on any and all critical software.”

Mr Trump said the measures were because China was planning to impose “large scale export controls on virtually every product they make”.

The US already imposes a 30pc tariff on Chinese imports, meaning the new threat would take the total rate to 130pc.

The news sent cryptocurrencies diving. The price of Bitcoin fell by more than 10pc to below $110,000, before recovering to $113,096. The value of Ethereum slumped by 11.2pc to $3,878. Cryptocurrencies BNB, Solana and XRP were down by 14.29pc, 14.9pc and 17.99pc respectively.

Stocks on Wall Street stocks had also tumbled on Friday after an earlier Truth Social post when the US President threatened a “massive” increase in tariffs and said he would cancel his upcoming meeting with President Xi Jinping amid a row over rare earth minerals.

US stocks recorded their biggest single-day losses since April. The US benchmark S&P 500 plunged by 2.71pc in its worst day of trading since April 10, during the aftermath of Mr Trump’s “Liberation Day” tariffs.

The Nasdaq slumped by 3.56pc and the Dow Jones Industrial Average dropped by 1.9pc.