The cryptocurrency market suffered historic losses on Saturday, with over $19 billion wiped out in what data tracker Coinglass described as “the largest liquidation event in crypto history”. The massive loss in the crypto market came after US President Donald Trump announced 100% tariffs on China and new export controls on software.
Two major cryptocurrencies, Bitcoin and Ethereum, crashed as investors reacted to fears over a renewed trade war. A combination of factors converged into a perfect storm on Friday, triggering the cryptocurrency industry’s largest liquidation event in history and briefly sending Bitcoin below $110,000.
Notably, his death coincides with a significant crypto market crash triggered by US President Donald Trump’s announcement of a 100% tariff on Chinese imports. The crash wiped out over $19 billion in leveraged positions and liquidating more than 1.6 million trading accounts.
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