Crypto sees record $19 billion wipeout as Trump slaps 100% tariff on Chinese tech imports
Over $19 billion was liquidated from the cryptocurrency market on Friday — the biggest single-day wipeout on record — after U.S. President Donald Trump announced a 100% tariff on “any and all critical software” imports from China. The shock move sent digital assets into a tailspin, triggering massive sell-offs and liquidations across major tokens.
Over the past 24 hours, more than 1.6 million traders liquidated, according to Coinglass data. More than $7 billion of those positions were sold in less than one hour of trading on Friday.
In its post on X, Coinglass said the total might be much higher given that exchanges don’t necessarily report such orders in real time. Binance Holdings Ltd., the world’s largest crypto exchange,…
