Lagatar24 Desk
The cryptocurrency market witnessed its biggest single-day crash in history after US President Donald Trump announced 100% tariffs on Chinese tech exports, escalating the US-China trade war. Bitcoin plunged 8.4% to $104,782 on Saturday, wiping out $19 billion in market value and triggering a massive wave of liquidations across exchanges.
Tariff Escalation Sparks Global Market Panic
Trump’s announcement, made on Truth Social, accused Beijing of using rare earth mineral restrictions as an aggressive trade tactic. The move rattled global financial markets, with the S&P 500 dropping over 2% on Friday. Coinglass reported more than 1.6 million traders were liquidated in just 24 hours, with $7 billion in positions wiped out in under an hour. Brian Strugats of Multicoin Capital warned total liquidations could surpass $30 billion, raising concerns about counterparty exposure and possible contagion in broader markets.
Altcoins Also Plunge As Traders Brace For Volatility
Other major cryptocurrencies faced steep declines: Ethereum dropped 5.8% to $3,637, Binance Coin fell 6.6% to $1,094.09, and XRP crashed 22.85% to $2.33, shrinking its market cap by over 16% to $140.19 billion. Tether slipped 0.1% to $1. Edul Patel, CEO of Mudrex, noted that despite the sharp fall, the market may see a relief rally, citing historical October trends and upcoming US spot altcoin ETF approvals. He described the dip as a buying opportunity for long-term investors in Bitcoin and Ethereum.
