Here’s what happened:
The crypto market suffered one of the worst crashes in history on the morning of October 11, 2025
After President Trump announced a 100% tariff on all imports from China.
More than 9.5 billion USD was liquidated in 24 hours
More than 1.4 million traders were affected
Bitcoin fell -12% to 105,896 USD before recovering to 114,707 USD
While Ethereum plummeted -18% to 3,574 USD, wiping out over 200 billion USD in market capitalization in just a few minutes.
Context before the event
On October 9, China announced new export controls on rare earth elements, which account for 70% of global supply.
(This raises initial concerns about another trade war)
October 10, 2025:
At 22:00 UTC+7 Trump posted on Truth Social:
"China has taken very hostile actions. Huge new tariffs on Chinese products are coming."
By 03:57 on October 11, 2025 UTC+7 Trump officially declared:
"Starting November 1, the United States will impose a 100% tariff on all imports from China, in addition to existing tariffs."
He also mentioned new restrictions on "exporting critical software."
Immediate impact
Bitcoin dropped from 121k USD to 105.8k USD
Ethereum collapsed from 4,368 USD to 3,574 USD
Solana, XRP, Dogecoin, and Cardano all lost 15-25% in a matter of minutes
Record liquidation
The single largest liquidation was 87.5 million USD on HTX, a BTC/USDT long position.
Binance witnessed about 2.5 billion USD in total liquidations, followed by Bybit (1.8 billion USD), OKX (1.2 billion USD), and HTX (800 million USD).
Even smaller exchanges like Hyperliquid reported over 400 million USD in forced liquidations.
The most catastrophic event, even worse than FTX or Covid
StarPlatinum
