Bitcoin mining stocks jumped on Monday, reversing part of Friday’s slide. Bitfarms (BITF) and Cipher Mining (CIFR) posted double-digit gains. Hut 8 (HUT), IREN (IREN), MARA Holdings (MARA), Core Scientific (CORZ), and Riot (RIOT) opened higher.
Turnover stayed elevated into the open. Flows favored miners with high Bitcoin sensitivity. Bitdeer (BTDR) recovered with the group.
Price action tracked easing policy headlines. Traders repriced risk after weekend statements. Equity screens showed broad green in the first hour.
China export rules, tariff threat, and clarifications
Friday’s shock began with a 100% tariff headline from US President Donald Trump. The message hit risk assets quickly. Selling spread to crypto-exposed equities.
Trump later softened the stance on Truth Social:
“Don’t worry about China, it will all be fine!”
He added,
“Highly respected President Xi just had a bad moment.”
US Treasury Secretary Scott Bessent added, the tariffs “don’t have to happen.” That eased immediate policy stress.
Analysts cited confusion over China export rules announced October 10. The measures cover defense and semiconductor inputs, including rare earths.
The Kobeissi Letter said the president misread those controls. That misread, they argued, amplified Friday’s reaction. Markets stabilized after the clarifications.
Crypto market volatility and record liquidations
Derivatives pressure eclipsed equity swings. Forced unwinds reached about $19 billion, a record liquidations tally in dollar terms.The Bitcoin price steadied near $114,460 during the rebound. Altcoins suffered larger peak-to-trough moves. Books thinned at the lows as stops tripped.
Venue data showed concentration on Hyperliquid, with roughly $10.3 billion in positions erased. Bybit and Binance reported significant liquidations as well.
Funding reset across majors after the flush. Leverage came down as spreads normalized. Volatility stayed elevated into Monday’s session.
Kris Marszalek, Crypto.com CEO, called for reviews of exchange performance. He questioned matching, pricing, and controls during the event.
Binance anomalies and the USDe depeg on one venue
Some Binance pairs briefly displayed near-zero prints. The exchange attributed those to a user interface display bug affecting specific pairs.
Separately, Ethena Labs’ synthetic dollar USDe lost its peg on Binance during the stress. The move raised questions about reference pricing.
Guy Young, Ethena Labs founder, said the USDe depeg was not tied to minting or redemption. It was “isolated to a single venue.”
He noted that venue used its own oracle index instead of deepest liquidity. He also cited deposit and withdrawal issues that limited hedging.
Liquidity improved after the initial shock. Binance said it continued reviewing the display bug scope. Other venues reported heavy but orderly trading.
Where Bitcoin mining stocks fit in the shake-out
Miners mirror the Bitcoin price, liquidity, and headline risk. They also react to China export rules and any tariff threat signals.
Friday showed forced selling across derivatives and equities. Monday showed stabilization as leverage normalized and policy tone eased.
Flows favored liquid names. Bitfarms, Cipher Mining, MARA, Hut 8, Riot, Core Scientific, IREN, and Bitdeer led the equity rebound.
Order books revealed two phases: capitulation into thin depth, then a bid as funding reset. Price discovery improved through the cash open.
Disclosures anchored each step: Trump’s posts, Scott Bessent’s remarks, The Kobeissi Letter’s read on China export rules, Kris Marszalek’s call for scrutiny, Ethena Labs’ venue-specific USDe depeg explanation, and notices from Hyperliquid, Bybit, and Binance.
