Crypto markets violently crash after Trump’s latest tariffs
The crypto market witnessed more than $7.5 billion in positions liquidated within an hour following President Donald Trump’s decision to impose a 100% tariff on China.
As per the latest Coinglass data, $6.22 billion in long and $1.29 billion in short positions got wiped out during the period.
Bitcoin led with $1.83 billion in liquidation, followed by Ethereum with $1.68 billion, Solana with 614.38 million, and XRP with $432.46 million.
If we look at the past 24 hours, more than $9 billion has been liquidated from the crypto market. $7.5 billion in long and $1.5 billion in short positions got wiped out during the period.
Overall, 1.4 million investors liquidated their trading positions within the last 24 hours.
The HTX crypto exchange saw the largest single liquidation of $87.53 million in BTC/USDT.
The crypto market wipeout is the worst since at least early April.
Related: LIVE: Bitcoin dips to $107K on Trump’s 100% China tariff
BTC was exchanging hands at $113,553.35 at press time, down 6.64% in 24 hours.
ETH was trading at $3.896.53, down 10.79%. XRP fell 17.15% to trade at $2.32 at press time.
The total crypto market capitalization fell around 13% in a day to $3.59 trillion at press time.
In a Truth Social post, Trump announced that the U.S. will impose a 100% tariff on China beginning Nov. 1 or earlier. He said he took the decision to counter China’s “aggressive position” on trade.
In particular, he mentioned the Asian superpower’s new export controls on rare earth minerals.
“Ultimately, though potentially painful, it will be a very good thing, in the end, for the U.S.A.”
Trump also threatened to cancel his upcoming APEC meeting with his Chinese counterpart, President Xi Jinping, in South Korea.
Related: Market reels after Trump’s new China tariffs
This story was originally reported by TheStreet on Oct 10, 2025, where it first appeared in the Business News section. Add TheStreet as a Preferred Source by clicking here.