Markets were shaken as more than $19 billion worth of leveraged crypto bets were liquidated in the span of 24 hours, according to Bloomberg data.
In just the first hour following Donald Trump’s surprise announcement of 100% tariffs on China, over $7 billion of positions were wiped out.
Bitcoin dropped sharply, dragging Ethereum, XRP, BNB, and Solana lower as the sell-off intensified.
More than 1.6 million traders were liquidated during the crash, making it one of the most severe mass sell-off events in crypto history.
Analysts say the event underscores how sensitive the crypto market remains to geopolitical and political moves.
Any major shock — especially from U.S. policy — can cascade quickly through digital asset markets.
While some see this as a correction in an overheated market, others warn that if volatility continues, it could shake investor confidence further — especially among new entrants who lack strong risk buffers.
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