Crypto Market Sees Record $2.23 Billion Liquidation in Largest Single-Day Event Amid Trump's Tariffs

The cryptocurrency market experienced a historic liquidation event over the past 24 hours, with over $2.23 billion liquidated, marking it as the largest single-day liquidation event in crypto history.

This event surpassed previous significant liquidations such as those during the COVID-19 crash and the collapses of LUNA and FTX. Bitcoin prices fell below $95,000, reaching as low as $91,000, while Ethereum saw a 20% drop to $2,300.

The market turmoil was triggered by a trade war initiated by former President Donald Trump, who imposed 25% tariffs on Canada, Mexico, and China. This led to a cascade of long position liquidations, with Ethereum and Bitcoin seeing the heaviest losses at $600 million and $400 million respectively.

Altcoins also suffered significant declines, with many losing between 15% to 30% of their value in the same period. A total of 723,626 traders were liquidated, with the largest single liquidation occurring on Binance with an ETHBTC value of $25.64 million. Over the same period, 714K traders and $2.18 billion were also liquidated. Additionally, over $188 billion was wiped out from the crypto market.

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