Key notes
- CoinGlass’ liquidation heatmap shows that $19.35 billion was liquidated across 1,666,361 traders.
- Bitcoin, Ethereum, Solana and XRP were affected as their prices fell.
- Bitcoin price fell below $110,000, dragging down most altcoins.
Over the past 24 hours, the broader cryptocurrency market has seen 1,666,361 traders experience liquidations. Total liquidations currently stand at $19.35 billion, according to Coinglass data. This is the largest sell-off ever seen in the digital assets sector, coming on the heels of an exciting market rally.
Donald Trump warns of 100% tariffs on Chinese imports
On October 11, the crypto market saw a liquidation of around $19.35 billion, with long traders suffering the largest loss.
Major digital assets such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and even memecoins have been affected by the situation. It is worth noting that the largest liquidation order was recorded on Hyperliquide, worth $203.36 million.
Coincidentally, US President Donald Trump had already hinted at 100% tariffs on Chinese imports.
His social media post warning the public about the tariff sparked mixed feelings and reactions, which shifted from the traditional finance (TradFi) sector to crypto. There are widespread fears that the United States and China are entering a new phase in the trade war that began earlier this year.
The issue of the US government shutdown is also contributing to this unfortunate market situation. So far, this has delayed the release of key economic data.
Bitcoin price fell below $110,000
The prices of most cryptocurrencies have fallen significantly, starting with the flagship coin, Bitcoin.
This crypto fell below $110,000 following the downtrend before recovering slightly. According to CoinMarketCap data, BTC price is currently at $111,845.05 with a 24-hour decline of 8.17%. This is a notable drop for a coin that reached a new all-time high (ATH) above $126,000 less than a week ago.
From a price level above $4,800, Ethereum is now trading at $3,829.24, representing a decline of 11.93% in 24 hours. Furthermore, Solana recorded a larger loss of 14.87%, pushing its price to $186.54. Binance Coin (BNB), which was the star of the season, suffered a loss of 10.54% during the same period to now trade at $1,125.58.
Given how the market started the week, it’s no surprise that long traders are the most affected. They clearly believed that the positive momentum would continue, but were ultimately disappointed.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article is intended to provide accurate and current information, but should not be considered financial or investment advice. Because market conditions can change quickly, we encourage you to verify the information for yourself and consult a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about real-world applications of blockchain technology and innovations aimed at driving mainstream acceptance and global integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
