"Sparked by President Trump's Truth Social post announcing 100% tariffs on Chinese imports amid escalating trade tensions, the sell-off rippled through risk assets. Bitcoin ( C) plunged more than 14% from a Friday high of $122,574 to a low of $104,783, erasing $380 billion in market cap in hours. Ethereum ( ), the blockchain's workhorse, shed over 10% to $3,514, as traders dumped everything from blue-chip tokens to speculative altcoins."
"What made this event historic wasn't just the speed - 1.6 million accounts were liquidated in 24 hours - but the leverage that fueled it. Platforms like Hyperliquid ( CRYPTO:HYPE ) saw 88% of losses from overextended long bets, with ratios up to 100x turning modest dips into total ruin.. The overall market bled $200 billion, a stark reminder that crypto's highs come with hairpin turns."
"Yet recovery flickered over the weekend with prices partially recovering after Trump downplayed trade tensions. BTC clawed its way back to $115,718 by Sunday, while ETH surged 2.4% to $4,254. Altcoins like Dogecoin ( CRYPTO:DOGE ) and Avalanche ( CRYPTO:AVAX ) rebounded, trimming losses to double digits as capital rotated from riskier plays into BTC, underscoring its safe-haven status amid the storm."
Over $19 billion in leveraged crypto positions were liquidated in a single day as a tariff announcement triggered a market-wide sell-off. Bitcoin plunged over 14% from $122,574 to $104,783, erasing $380 billion in market capitalization within hours, while Ethereum dropped more than 10% to $3,514. Roughly 1.6 million accounts were liquidated in 24 hours. Platforms reported heavy losses on long positions, with leverage ratios up to 100x amplifying small price moves into complete wipes. Markets lost about $200 billion before partial weekend recoveries sent BTC back to $115,718 and ETH to $4,254.
Read at 24/7 Wall St.
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