More than 1.66 million cryptocurrency traders were liquidated in the past 24 hours as the market experienced a sharp downturn, wiping out a staggering $19.33 billion in positions, according to CoinGlass data.
Key points to remember:
- More than 1.66 million traders were liquidated in 24 hours, wiping out $19.33 billion in crypto positions.
- Bitcoin and Ethereum led the losses with $5.38 billion and $4.43 billion liquidated.
- Analysts warn that this is one of the most serious deleveraging events of the year.
The selloff follows growing macroeconomic uncertainty after President Donald Trump reaffirmed his plan for 100% tariffs on Chinese imports, spooking risk-off markets.
Bitcoin and Ethereum Lead to Long Losses of $16.8 Billion
Long positions accounted for the bulk of the damage, totaling $16.83 billion, while short positions accounted for $2.49 billion.
Bitcoin and Ethereum led the liquidations with $5.38 billion and $4.43 billion, respectively, followed by Solana ($2.01 billion) and XRP ($708 million).
Hyperliquid saw the largest single liquidation, an ETH-USDT position worth $203.36 million, as total stock market liquidations exceeded $10.3 billion.
Analysts noted that the wipe marked one of the most severe deleveraging events of the year, highlighting the extreme volatility still present in crypto markets.
Notably, the global crypto market cap fell more than 9% in 24 hours, sliding to $3.8 trillion as prices of major assets fell.
Bitcoin fell from above $122,000 Friday morning to around $113,600, erasing all gains since August, and briefly fell below $102,000 later in the evening.
Sales accelerated after Donald Trump threatened a “massive tariff increase” on Chinese imports, in response to Beijing’s new export restrictions on products containing more than 0.1% rare earth elements.
Trump subsequently confirmed his plan for 100% tariffs, while hinting that he could reverse them if China changed course before November 1.
Analysts say a reversal of tariffs could spark a near-term rally in crypto markets, even if liquidation losses remain stuck.
Yet a major hyperliquid whale reportedly shorted BTC and ETH worth nine figures, making an estimated $190 million in profit, according to on-chain analyst @mlmabc, who suggested the trader may have influenced Friday’s crash.
Trump approval hits new lows amid government shutdown
US President Donald Trump’s approval rating has fallen sharply, with only 40% of Americans in favor and 58% disapproving, according to a new Reuters/Ipsos poll.
This decline follows growing criticism of his decision to militarize law enforcement. A separate HarrisX survey showed a slightly higher approval rating of 46%, highlighting the deep partisan divide across the country.
The drop comes amid an ongoing government shutdown triggered by Congress’ inability to pass spending bills before the Oct. 1 deadline.
Trump blamed Democrats, saying he would target their programs in future budget cuts. Meanwhile, on prediction platform Polymarket, 86% of traders expect the shutdown to continue beyond October 15, reflecting a loss of confidence in Washington’s ability to compromise.
Trump’s pro-crypto stance, a central theme of his 2024 campaign, is also under scrutiny.
Senator Elizabeth Warren has warned that Trump’s involvement in crypto could pose ethical risks if he profits from related businesses while in office.
The article Trump’s All-China Tariff Triggers Wipe of $20 Billion, Liquidation of 1.6 Million Crypto Traders appeared first on Cryptonews.
