Crypto market bloodbath: why BTC slipped below $113K, XRP crashed 13%

Cryptocurrency markets faced one of their steepest declines of the year after US President Donald Trump threatened a new round of tariffs on Chinese imports, triggering what analysts described as the largest liquidation event in crypto ￰0￱ total crypto market capitalisation dropped more than 9% to around $3.8 trillion, wiping out roughly $200 billion in value within hours. Bitcoin, which earlier this week hit a fresh all-time high above $126,000, was trading near $112,013 at last check, down 7.6% over the past 24 hours and 8.5% lower for the ￰1￱ fell 12.5% to $3,803, while Solana and XRP posted sharper declines of 16.5% and 14.3%, respectively.

Binance’s BNB token slipped nearly 11% to $1,132, and Tether held its peg around $1.00. Record liquidations deepen the crypto market crash According to data provider Coinglass, more than $19 billion worth of leveraged crypto positions were liquidated in the past 24 hours, affecting over 1.6 million ￰2￱ @coinglass_com · Follow The largest liquidation event in crypto ￰3￱ the past 24 hours, 1,618,240 traders were liquidated, with a total liquidation amount of $19.13 ￰4￱ actual total is likely much higher — #Binance only reports one liquidation order per second. 5:18 am · 11 Oct 2025 227 Reply Copy link Read 14 replies Of this, $7 billion was wiped out in less than an hour on Friday, as selling pressure cascaded across ￰5￱ scale of forced liquidations—caused by automatic margin calls on over-leveraged positions—may have been undercounted due to exchange reporting ￰6￱ noted that Binance, the world’s largest exchange, only logs one liquidation order per second, potentially masking the true extent of the ￰7￱ participants said the rout began when Trump declared plans for a 100% tariff on Chinese goods and export controls on software, measures that rattled risk assets globally.

Bitcoin’s fall below $115,000 triggered margin calls and a wave of automated liquidations, further accelerating the ￰8￱ turns cautious The abrupt reversal follows a week of heightened optimism that had pushed major cryptocurrencies to record ￰9￱ said the combination of geopolitical tension, high leverage, and overheated sentiment created the perfect conditions for a sharp ￰10￱ the plunge, some traders see this as a temporary ￰11￱ rates on futures contracts have reset closer to neutral levels, and long-term holders have shown limited selling activity so ￰12￱ are now watching whether Bitcoin can hold above the $110,000 support zone. A sustained breach below that level could invite further losses, while a stabilisation above it might suggest the worst of the forced selling is ￰13￱ is expected to remain elevated in the coming sessions as traders digest the policy shock and await possible responses from ￰14￱ now, the market’s euphoric rally has come to an abrupt halt—brought down not by crypto’s internal flaws, but by geopolitics colliding with over-leverage.