Trump’s 100% China Tariff Triggers $20B Wipeout, 1.6M Crypto Traders Liquidated

Over 1.66 million crypto 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 data from ￰0￱ Takeaways: Over 1.66 million traders were liquidated in 24 hours, erasing $19.33 billion in crypto ￰1￱ and Ethereum led the losses with $5.38B and $4.43B ￰2￱ warn it was one of the year’s most severe deleveraging ￰3￱ sell-off followed escalating macro uncertainty after President Donald Trump reaffirmed his plan for 100% tariffs on Chinese imports, spooking risk markets. Bitcoin, Ethereum Lead $16.8B Long Losses Long positions accounted for the bulk of the damage, totaling $16.83 billion, while $2.49 billion came from ￰4￱ and Ethereum led liquidations at $5.38 billion and $4.43 billion, respectively, followed by Solana ($2.01B) and XRP ($708M).

Hyperliquid saw the largest single liquidation, an ETH-USDT position worth $203.36 million, as total exchange liquidations topped $10.3 ￰5￱ noted that the wipeout marked one of the most severe deleveraging events of the year, highlighting the extreme volatility still present across crypto ￰6￱ is likely the largest liquidation event, in $ terms, in crypto ￰7￱ — CRG (@MacroCRG) October 10, 2025 Notably, the global crypto market cap fell over 9% in 24 hours, sliding to $3.8 trillion as prices tumbled across major ￰8￱ dropped from above $122,000 on Friday morning to around $113,600, wiping out all gains since August, and briefly dipped below $102,000 later that ￰9￱ sell-off accelerated after Donald Trump threatened a “massive increase in tariffs” on Chinese imports, responding to Beijing’s new export restrictions on products containing over 0.1% rare earth ￰10￱ later confirmed plans for 100% tariffs, though hinted he could reverse them if China changes course before ￰11￱ say a tariff reversal could trigger a short-term recovery in crypto markets, though liquidation losses remain locked in.

Still, one major Hyperliquid whale reportedly shorted nine figures worth of BTC and ETH, earning an estimated $190 million profit, according to on-chain analyst @mlmabc, who suggested the trader may have influenced Friday’s ￰12￱ case you didn’t know – the BTC whale closed 90% of his BTC short and fully closed his ETH short, making around $190–$200M profit in just one day on ￰13￱ crazy part is that he shorted another 9 figs worth of BTC and ETH minutes before the cascade ￰14￱ this… ￰15￱ — MLM (@mlmabc) October 10, 2025 Trump’s Approval Hits New Lows amid Government Shutdown US President Donald Trump’s approval rating has fallen sharply , with just 40% of Americans approving and 58% disapproving, according to a new Reuters/Ipsos ￰16￱ drop follows growing criticism of his decision to militarize law enforcement.

A separate HarrisX survey showed a slightly higher 46% approval, underscoring the deep partisan divide across the ￰17￱ decline comes amid an ongoing government shutdown triggered by Congress’s failure to pass spending bills by the October 1 ￰18￱ blamed Democrats, saying he would target their programs in future budget cuts. Meanwhile, on the Polymarket prediction platform, 86% of traders expect the shutdown to continue past October 15, reflecting waning confidence in Washington’s ability to compromise. Trump’s pro-crypto stance, a central theme of his 2024 campaign, is also drawing ￰19￱ Elizabeth Warren has warned that Trump’s crypto involvement could pose ethical risks if he profits from related ventures while in office.