Bitcoin and crypto markets just witnessed the largest daily liquidation event ever.
According to the US economy, the meltdown has caused $19.27 billion in liquidations in the past 24 hours MintGlass.
That’s bigger than the massive liquidation cascades during the collapse of Terra Luna, FTX and the fallout from COVID-19.
President Trump’s ongoing tariff battle is at the heart of the crash.
Today, Trump escalated the trade war between the US and China to unprecedented heights by announcing an additional 100% tariff on all Chinese imports effective November 1.
Trump says the move, on top of existing 30% tariffs, is in direct retaliation for Beijing’s new export controls on rare earth metals.
The consequences did not stop with digital assets.
Trump’s tariff volley triggered a synchronized global stock market crisis, with the Dow Jones losing nearly 900 points, or 2.1%.
The S&P 500 fell 2.7% and the Nasdaq lost 3.5%.
Asian markets followed suit, with Hong Kong’s Hang Seng tumbling 4.2%, Tokyo’s Nikkei losing 3.1% and Shanghai’s Composite down 2.8%, as investors brace for possible retaliation from Beijing.
Follow us further X, Facebook And Telegram
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
Surf to the Daily Hodl mix
Generated image: DALLE3