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.
[adinserter block="1"]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’s Hang Seng plunging 4.2%, Tokyo’s Nikkei losing 3.1% and Shanghai’s Composite dropping 2.8%, as investors prepare for potential retaliatory measures from Beijing.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
