Crypto market endures record $9.55B single-day liquidation.
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A sharp crypto sell-off has triggered liquidations for over 1.5 million traders in the last 24 hours, wiping out roughly $9.55 billion in open interest, according to CoinGlass. President Donald Trump’s retaliatory tariffs caused the market’s downturn. Of the $9.55 billion lost, about $8 billion came from long positions and $1.55 billion from shorts, with Bitcoin and Ethereum being hit the hardest. Bitcoin leads with $1.37 billion in liquidations, followed by Ethereum at $1.26 billion. HTX also handled the biggest single wipeout: $87.53 million in BTC/USDT, according to CoinGlass. President Trump called on China to change its policy by November 1 Cryptocurrency prices plummeted after U.S. President Donald Trump announced plans for an additional 100% tariffs on Chinese goods, along with new software export restrictions. Nearly all cryptocurrencies plunged in two major steps after Trump warned of the new levies. Bitcoin plunged more than 12% following Trump’s Truth Social announcement, pulling back from its fresh all-time high near $125,000 to around $113,000 as of Friday morning. It even touched an intraday low just below $102,000 late Friday before recovering slightly. Now the token is changing hands at $111,327. Ravi Doshi, co-head of markets at prime broker FalconX, commented, “A renewed trade war between China and the US erupted on Friday, causing uncertainty in markets and a rout in risk assets,” adding that the firm’s derivatives team saw a surge in interest for downside hedges during the session. Trump’s decision to announce new tariffs came in response to Beijing’s latest policy change. On Thursday, China’s Ministry of Commerce said foreign exporters will need licenses for products containing more than 0.1% of rare earth materials sourced from China. Some reports suggested Trump canceled his meeting with Chinese President Xi Jinping. However, he later indicated he’s still open to meeting and might roll…
Filed under: News - @ October 11, 2025 6:16 am