**$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 dramatic downturn was triggered by US President Donald Trump’s announcement of a 100% tariff on “any and all critical software” imports from China.
### Market Impact: Over 1.6 Million Traders Affected
According to data from Coinglass, more than 1.6 million traders were impacted within the last 24 hours. On Friday alone, over $7 billion worth of positions were liquidated in less than an hour of trading. Coinglass also noted that the total liquidation amount could be even higher, as exchanges don’t always report all orders in real-time.
### Tariff Implications and Market Concerns
The tariff announcement came as a response to China’s restrictions on the export of rare earth minerals—critical components for global manufacturing and technology production. The US has labeled China’s move as “extraordinarily aggressive.”
Brian Strugats, head trader at Multicoin Capital, highlighted that the focus is now on counterparty exposure and the potential for a wider market contagion. Some estimates suggest total liquidations could exceed $30 billion amid growing uncertainty.
### Cryptocurrency Performance: Bitcoin and Ethereum Hit Hard
Major cryptocurrencies took a significant hit in the last 24 hours. Bitcoin dropped 7.6% to $112,394.31, while Ethereum fell over 13% to $3,793, according to CoinMarketCap data. Bitcoin experienced roughly $9.5 billion in liquidations after failing to maintain support near the $120,000 level. Other leading digital assets also saw steep declines following the tariff announcement.
### Investment Perspective: Opportunity for Long-Term Investors
Despite the sharp sell-off, Edul Patel, CEO of Mudrex, suggests that the current market environment presents a good opportunity for building long-term positions. He emphasized that while short-term selling pressure is strong, 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.
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The recent turmoil highlights the sensitivity of the cryptocurrency market to geopolitical tensions and policy changes, but also underscores potential entry points for long-term investors. Stay tuned for continued updates as the market reacts to this evolving situation.
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