Bitcoin's price fell below $108,000 on October 16 as tensions between the U.S. and China intensified. The decline followed comments from Chinese Ministry of Commerce spokesperson He Yongqian, who accused the U.S. of creating unnecessary panic after U.S. Treasury Secretary Scott Bessent's remarks. In response to China's rare earth export controls, the U.S. imposed higher tariffs, leading Beijing to levy reciprocal fees on American ships. Bitcoin dropped 2.98% to $108,021.73, with total liquidations surpassing $225 million.