The crypto market just experienced its largest liquidation event in history, with $19 billion wiped out in leveraged positions following President Donald Trump’s announcement of a 100% tariff on all Chinese imports The Financial Express. This move triggered panic across global financial markets, and crypto was hit especially hard.
💥 What Happened?
- Trump’s Tariff Shock: The sudden escalation in trade tensions reignited fears of a global economic slowdown. Traders rushed to unwind risky positions, leading to a cascade of liquidations The Financial Express.
- Wall Street Fallout: Over $1.5 trillion was erased from equity markets, which spilled over into crypto, amplifying the sell-off The Financial Express.
- Crypto Crash Timeline:
- Within 1 hour of the announcement, $7 billion in crypto positions were liquidated.
- By the end of the day, the total hit $19 billion, making it the worst single-day liquidation ever The Financial Express.
📉 Worst-Hit Cryptos
| Coin | Price Drop | Notes |
|---|---|---|
| Bitcoin | ↓ to $101,500 | Largest single-day drop in 2 years COIN360 |
| Ethereum | ↓ to $3,373.67 | Hit by institutional sell-offs COIN360 |
| Solana | Massive plunge | Among top altcoins liquidated The Financial Express |
| XRP, DOGE, SUI, ATOM | ↓ 70–99% | Flash crashes before partial recovery COIN360 |
🧨 Ripple Effects
- Binance Glitch: Binance faced technical issues during the crash and has announced compensation for affected users TheStreet | MSN.
- Tragic Fallout: Ukrainian crypto blogger Konstantin Galish was found dead amid the turmoil, reportedly having lost $30 million of investor funds The Financial Express.
🧭 What’s Next?
This event underscores the fragility of leveraged crypto trading and how geopolitical shocks can trigger massive financial consequences. Investors are now bracing for further volatility, especially if trade tensions escalate.
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