Index
ToggleBitcoin price has just recorded its sharpest drop since the beginning of 2025, falling below $110,000 just hours after the Donald Trump administration officially imposed a 100% tariff on all goods imported from China. This decision not only shook the global financial market, but also triggered a record wave of liquidation in the cryptocurrency market, with more than $19 billion "blown away" in just 24 hours.
Tariff shock and chain reaction in crypto market
According to information from the White House, the new tax policy will officially take effect from November 1, applying to all groups of imported goods from China. Not only that, President Trump also announced strict control of the export of "all important software" related to China, a move that has made global investors worried about the risk of escalating US-China trade tensions.
Immediately after Mr. Trump's speech, financial market indices plummeted, with the cryptocurrency market being the hardest hit. In just 24 hours, according to data from CoinGlass, more than $19.15 billion worth of positions were liquidated – the highest record in the history of the crypto market. This figure is equivalent to 1.6 million investors having their assets "blown away" overnight.
Of that, $16.69 billion came from leveraged Longing , with decentralized Derivative platform Hyperliquid (Perp DEX) alone recording more than $10 billion in Longing liquidations – accounting for the majority of this total value.
Some industry experts, like the analytics account mlmabc, believe that the actual figure could be even higher, as Binance only records one liquidation order per second. According to estimates, the actual total value of liquidations could be as high as $30-40 billion – a staggering figure for any investor holding crypto.
Market shaken, altcoins "free fall"
Following Bitcoin, a series of major altcoins such as Ethereum, Solana, XRP, and BNB all fell sharply from 20% to 35%, causing the entire cryptocurrency market Capital to "evaporate" more than 300 billion USD, down from 4.25 trillion USD to 3.82 trillion USD in just 24 hours.
On forums, many investors call this the “Black Friday” of the cryptocurrency market, with some even saying, “Trump tweets one sentence, crypto loses a mountain of money.”
Analysts say this is not the first time Donald Trump’s trade policies have shaken financial markets. In February 2025, when he signed an executive order to increase import tariffs on Canada, Mexico and China, the market also witnessed a liquidation of 2.3 billion USD – which was XEM a record at that time.
However, this shock is nearly 9 times the previous figure, reflecting the sensitivity of investors to Washington's new policy. Many experts say this move shows that the US is determined to reduce its dependence on the Chinese supply chain , while encouraging domestic businesses to return to domestic production.
Widespread consequences: Exchange overload, system congestion
While prices were falling, Binance – the world’s largest cryptocurrency exchange – announced that its system was overloaded due to a surge in volume , causing some users to experience display errors and slow response times. Binance representatives reassured that user assets are safe (SAFU) and the technical team is working urgently to resolve the issue.
On social network X (Twitter), many traders Chia screenshots of orders being “suspended” or “unable to close positions” during the price plunge, causing them heavy losses. A veteran trader commented:
“I've been through the FTX and Luna crashes, but this time everything happened so fast that no one had time to react.”
