Global cryptocurrency markets faced their biggest crash of the year after Donald Trump announced a 100% tariff on Chinese goods. The sudden move sparked panic among traders, leading to a record $19 billion in liquidations and losses for over 1.6 million investors worldwide, according to Bloomberg.
Within the first hour of trading on October 10, over $7 billion in crypto positions were wiped out. Analysts estimate total losses could cross $30 billion as fear spreads across exchanges and DeFi platforms.
Bitcoin fell 8% to $111,542, while Ethereum dropped nearly 13% to $3,778. The overall crypto market value plunged from $4.3 trillion to $3.74 trillion, wiping out about $560 billion in a single day. Trading volumes, however, spiked sharply as traders rushed to exit risky bets.
Experts say this could be a short-term correction rather than a complete collapse. Edul Patel, CEO of Mudrex, believes the drop offers long-term investors a buying opportunity. He expects potential recovery once the market stabilizes and new spot altcoin ETFs gain approval in the U.S.
Trump’s tariff decision—set to take effect on November 1, 2025—has reignited global trade war fears, rattling both financial and crypto markets.
