President Trump’s threat of a 100 % China tariff triggered a dramatic crash across crypto markets. In just 24 hours, over 1.66 million crypto traders were liquidated as the market erased $19.33 billion in positions. Most of the damage came from long trades, especially in Bitcoin and Ethereum.
Bitcoin bore about $5.38 billion in liquidations; Ethereum lost $4.43 billion. Other tokens like Solana and XRP also saw heavy losses. Long positions were the hardest hit, making up nearly $16.8 billion of the wipeout. Short trades lost around $2.49 billion. One big whale on Hyperliquid made a $200 million short bet just before the collapse.
Analysts say this is among the most severe crypto deleveraging events this year. The tariffs created sharp macro uncertainty — pushing risk assets, including crypto, into free fall. If Trump reverses plans before November, markets could try to recover short term. But many losses are locked in now.
This turmoil shows how policy shifts can amplify volatility in cryptocurrency markets. Traders are warned: even large markets can crash fast under geopolitical and regulatory shocks.
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