$19B: Cryptocurrency market suffers biggest single-day wipeout in history

**$19B: Cryptocurrency Market Suffers Biggest Single-Day Wipeout in History**

*By Dwaipayan Roy | Oct 11, 2025, 05:28 PM*

The cryptocurrency market has experienced its largest single-day wipeout ever, with over $19 billion liquidated in a massive sell-off. This sharp downturn was triggered by US President Donald Trump’s announcement of a 100% tariff on “any and all critical software” imports from China, an unexpected move that sent digital assets into a downward spiral.

### Market Impact: Over 1.6 Million Traders Affected

According to data from Coinglass, more than 1.6 million traders have been impacted over the last 24 hours. On Friday alone, over $7 billion worth of positions were liquidated in less than an hour. Coinglass also noted that the total liquidation figure might be higher, as exchanges do not always report these orders in real-time.

### Tariff Implications and Market Concerns

The tariff announcement follows China’s recent export restrictions on rare earth minerals—essential components in global manufacturing and technology. The US has described China’s move as “extraordinarily aggressive.”

Brian Strugats, head trader at Multicoin Capital, highlighted that the market focus is now shifting towards counterparty exposure and the risk of a wider contagion effect in the crypto market. Some analysts estimate that total liquidations could surpass $30 billion.

### Crypto Performance: Bitcoin and Ethereum Hit Hard

In the past 24 hours, Bitcoin and Ethereum have suffered significant losses. Bitcoin dropped 7.6% to $112,394.31, while Ethereum plunged over 13% to $3,793, according to CoinMarketCap data. Bitcoin faced heavy liquidations totaling around $9.5 billion after failing to hold the $120,000 support level. Other major cryptocurrencies also experienced considerable declines following the tariff announcement.

### Investment Advice: Opportunity for Long-Term Investors

Despite the volatility, Edul Patel, CEO of Mudrex, views the current market conditions as a good opportunity for investors to build long-term positions. He emphasized that while short-term selling pressure is intense, the overall market sentiment remains bullish.

“These declines could be used to gradually build long-term positions, especially in fundamentally strong assets like Bitcoin and Ethereum,” Patel advised.

—

As the market reacts to geopolitical tensions and policy shifts, investors are encouraged to remain informed and consider strategic positions in top cryptocurrencies.
https://www.newsbytesapp.com/news/business/why-cryptocurrency-market-is-seeing-a-wipeout/story