19 billion liquidations in 24h: Here are the details of a historic crypto crash
Donald Trump just pulled out his favorite weapon: taxes. Barely announced, his threat of 100% tariffs on Chinese imports causes a shockwave across all finance. The traditional market wavers, but it is in crypto that the shockwave is the most intense. In less than a day, nearly 19 billion dollars in positions are liquidated. This Black Friday in crypto history reminds us that volatility can arise at any time.
In brief
- Trump announces 100% tariffs, causing an earthquake on global financial markets.
- Crypto loses 19 billion in 24 hours, a historic record since the sector’s inception.
- More than 1.6 million traders liquidated, with a majority of heavily exposed long positions.
- The USDe stablecoin plunges, signaling systemic stress on crypto market derivatives.
Donald Trump reignites the trade war and plunges markets again
On October 10, 2025, Donald Trump, to whom a golden statue stands in Washington , unleashes a fiery message on Truth Social. He promises to impose 100% tariffs on all Chinese products starting November 1. The declaration reignites trade tensions and triggers a global chain reaction. Wall Street plummets, indices collapse, and investors panic.
Donald Trump’s post on tariffs for China – Source: Truth Social
Following this, all risk markets waver. The S&P loses ground, the Nasdaq retreats, tech stocks come under pressure. But the most spectacular reaction is in the crypto universe: the bitcoin price drops from $125,000 to $113,000, Ethereum loses over 12% in a few hours. The CoinDesk 20 Index drops 12.1%. The overall crypto market capitalization falls to 3.87 trillion dollars.
The partial US government shutdown worsens the scenario: many macroeconomic indicators are delayed, leaving markets without benchmarks. In this void, decisions become emotional. Panic spreads. And the crypto universe, never isolated, endures the storm.
The crypto carnage: 19 billion vanished, widespread panic
The crypto world had never seen such a tidal wave. In 24 hours, 1,618,240 traders are liquidated. 19.13 billion dollars in positions disappear, according to CoinGlass. Among them, 16.7 billion in longs , indicating many were betting on a rise. This turnaround exceeds the scale of FTX or Covid liquidations, multiplied by ten.
Even stablecoins feel the wind shift: USDe (Ethena), normally pegged to $1, briefly slips to 0.9996. A strong sign of stress in the derivatives market. HTX, on its side, records an individual liquidation of $87.53 million on the BTC/USDT pair. And on Hyperliquid, a whale shorts BTC/ETH for an estimated gain of 190 million dollars.
For some analysts, this shock is a warning. Perpetual products, very popular in crypto, played a multiplier role. Leverage amplifies movements. Several observers now mention a risk of contagion to other asset classes.
Strategies and lessons: reacting to the debacle
When the tidal wave hits, reacting is a matter of calm. Many were surprised. But others anticipated. Panic drowns out rational reflexes.
Here are 5 key figures to remember from this black Friday for crypto:
- 1,618,240 accounts liquidated;
- 19.13 billion dollars volatilized;
- 16.7 billion long positions liquidated;
- BTC drops to 102,000 dollars intraday;
- 190 million $ estimated gain on Hyperliquid.
This disaster reminds us of two bitter truths. First: in the crypto market, leverage without caution is a double-edged sword. Second: politics, macroeconomics, and the trade war are now integrated into the crypto matrix. No trader is isolated.
Reactions are pouring in: some analysts talk about deep corrections; others want to seize good picks. But all agree: resilience will be key. For the most seasoned, this tornado can be an opportunity — for the reckless, a fatal fall.
The dizzying descent was brutal. Yet some players persist in believing in the rebound. Arthur Hayes himself now states that the crash is no longer possible for bitcoin . A bold stance in a market still in shock. What if this chaos was not the end, but the prelude to a new, stronger cycle?
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Credit panic hits AI trading: CoreWeave bond yields remain high, Nasdaq posts biggest weekly drop since late June
Concerns over the debt risk of AI infrastructure companies continue to rise. Yields on some CoreWeave bonds briefly exceeded 15% on Thursday and remained elevated on Friday. CoreWeave's stock price plunged another 12% on Friday, and the Nasdaq Composite Index fell about 4.5% for the week. Analysts point out that as capital costs rise to unbearable levels, companies will have no choice but to reduce their capital expenditures.
Philadelphia Semiconductor Index Experiences Longest Losing Streak Since 2008; Jensen Huang Responds Calmly: Short-term Fluctuations Won't Change AI's Long-term Growth Prospects
Despite recent sell-offs in AI-related stocks, Nvidia CEO Jensen Huang remains confident in the long-term prospects of the AI industry.
U.S. chip stocks drop for eight consecutive sessions! $2 trillion wiped out in market value, marking the longest losing streak since 2008
This week, the investment prospects of AI were questioned by the market. The Philadelphia Semiconductor Index fell by 11.4%, and the Nasdaq dropped more than 4% in a single week. CoreWeave's stock price fell over 25% during the week, and its bonds dropped to distressed levels, casting doubt on the high-yield debt financing model. Strategists warned that being overly bearish could lead to missing opportunities, while "Wood Sister" bucked the trend and increased her holdings of CoreWeave.
In August, overseas funds returned to the U.S. Treasury market; UK holdings surpassed $1 trillion for the first time; Japan and China continued to reduce holdings, with China’s U.S. Treasury holdings hitting the lowest level since 2008
According to a report by the U.S. Treasury Department, overseas investors made net purchases of $108.9 billion in U.S. Treasury bonds in August, reversing a two-month decline in holdings. Among the top ten countries and regions holding U.S. debt, only China and Japan reduced their holdings in August. Japan, the largest holder, saw its holdings drop for the fourth consecutive month, reaching a 22-month low in the same month it intervened in the foreign exchange market. China’s holdings declined for the third straight month, hitting new lows for two consecutive months not seen since 2008. The UK, the second-largest holder, posted historic highs for two consecutive months. Canada recorded the largest increase in August, up $38.3 billion, ranking fifth overall. Belgium had the second-largest increase, up $19.8 billion.
Crypto prices
More
