Crypto Market Wiped Out as Trump Doubles China Tariffs

The cryptocurrency market suffered its largest-ever liquidation, exceeding $19 billion, after former U.S. President Donald Trump announced a 100% tariff on Chinese imports, triggering widespread panic and a global market sell-off. Within 24 hours, over 1.6 million traders saw their leveraged positions wiped out as Bitcoin, Ethereum, and major altcoins plunged sharply. Bitcoin dropped over 12%, briefly falling below $102,000, while Ethereum lost around $4.4 billion in liquidations. Analysts attributed the crash to cascading forced liquidations and heightened fears of a renewed U.S.–China trade war, warning that continued geopolitical tensions could fuel further volatility across both traditional and digital markets.