Bitcoin plunges over 8%, with over 1.64 million people globally experiencing margin calls.

On October 11th, cryptocurrencies plummeted across the board, with Bitcoin briefly falling below $110,000, a 9% drop. As of press time, Bitcoin was trading at $111,933, down 8.08%.

Coinglass data shows that over the past 24 hours, 1.644 million people globally experienced margin calls totaling $19.216 billion.

According to the Securities Times, US President Trump's threat to significantly increase tariffs has investors worried about worsening international trade tensions. On Friday, Trump threatened to significantly increase tariffs in retaliation for other countries imposing stricter rare earth mineral export controls, and indicated he would significantly increase tariffs, raising concerns among investors that trade relations between major powers would continue to deteriorate.

Since 2025, Bitcoin prices have experienced numerous fluctuations, fluctuating around the $95,000 mark at the beginning of the year. In April 2025, Bitcoin briefly fell below $80,000 before rising for consecutive months, breaking through multiple milestones, including $100,000, $110,000, and $120,000, continuously setting new all-time highs.

It is understood that Bitcoin's previous upward momentum was supported by multiple factors: inflows from institutional investors and its increasingly close connection with the global financial system.

Sid Powell, CEO and co-founder of crypto asset management company Maple, stated that whether Bitcoin's upward trend can be sustained depends largely on macroeconomic conditions and any new developments in the trade sector.

Deutsche Bank predicts that, amid accelerating de-dollarization and surging demand for safe-haven assets, Bitcoin and gold could become significant components of central bank reserve assets by 2030. Currently, the share of dollar reserves held by global central banks has fallen to 41%, while gold reserves have exceeded 36,000 tons. With gold prices recently exceeding $4,000 and Bitcoin nearing all-time highs, both ETFs have seen record inflows.

Bitwise recently released its latest Bitcoin forecast, projecting a price target of $1.3 million by 2035, primarily driven by institutional demand and the limited supply of Bitcoin (BTC). The report, released as part of Bitwise's "Long-Term Capital Market Hypothesis," projects a 28.3% compound annual growth rate for Bitcoin (BTC) over the next decade, significantly outperforming traditional assets such as stocks (6.2%), bonds (4.0%), and gold (3.8%).

Bitwise also offers multiple scenarios. Under an optimistic scenario, Bitcoin could achieve a 39.4% compound annual growth rate; under a pessimistic scenario, the growth rate could dip to 2%.