$19,270,000,000 in Bitcoin and Crypto Liquidated in Largest Single-Day Leverage Meltdown in History
Bitcoin and crypto markets just witnessed the single largest daily liquidation event on record. The meltdown hit $19.27 billion in liquidations in the last 24 hours, according to CoinGlass. That’s larger than the massive liquidation cascades during the collapses of Terra Luna, FTX and the COVID-19 fallout. President Trump’s ongoing tariff battle is at the center of the crash. Today, Trump escalated the U.S.-China trade war to unprecedented levels, announcing an additional 100% tariff on all Chinese imports effective November 1st. Trump says the move, layered on top of existing 30% duties, is a direct retaliation to new export controls by Beijing on rare earth elements. The fallout didn’t stop at digital assets. Trump’s tariff salvo triggered a synchronized global equity rout, with the Dow Jones shedding nearly 900 points, or 2.1%. The S&P 500 dropped out 2.7%, and the Nasdaq lost 3.5%. Asian markets followed, with Hong Kong’...