Trump’s China Tariff Sparks Record $19 Billion Crypto Crash and Swift Recovery
President Trump’s announcement of a 100% tariff on Chinese goods sent shockwaves through cryptocurrency markets last Friday, causing the biggest liquidation event crypto has ever seen. Over 1.6 million traders lost positions worth between $19 billion and $30 billion in just 24 hours.
Bitcoin, which had reached a record high above $126,000 just days earlier, crashed below $102,000 before recovering. The selling happened so fast that experts compared it to the March 2020 pandemic crash. But this time, the damage was much worse—nearly 20 times larger than previous historic crashes.
What Caused the Crash
On Thursday, October 9, China announced new rules requiring licenses to export products containing rare earth minerals. These materials…
