$19B: Cryptocurrency market suffers biggest single-day wipeout in history
**$19 Billion Wiped Out as Cryptocurrency Market Suffers Biggest Single-Day Crash 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.
The unexpected tariff announcement sent digital assets into a steep downward spiral, leading to widespread sell-offs and liquidations across major cryptocurrencies.
### Market Impact: Millions of Traders Affected
Data from Coinglass reveals that more than 1.6 million traders were impacted within the last 24 hours. Over $7 billion worth of positions were liquidated in less than an hour on Friday alone. Coinglass also noted that the actual liquidation amount could be significantly higher, as some exchanges do not report liquidation orders in real-time.
### Tariff Implications and Global Concerns
The tariff announcement came in response to China’s recent export restrictions on rare earth minerals—key components in manufacturing and technology worldwide. The US government described China’s move as “extraordinarily aggressive.”
Brian Strugats, head trader at Multicoin Capital, emphasized that the market’s focus has now shifted toward counterparty exposure and the potential for a broader contagion across financial markets. Some analysts estimate that total liquidations could surpass $30 billion.
### Crypto Performance: Significant Losses for Bitcoin and Ethereum
In the last 24 hours, Bitcoin and Ethereum have suffered heavy losses. Bitcoin dropped 7.6% to $112,394.31, while Ethereum fell over 13% to $3,793, according to CoinMarketCap data.
Bitcoin saw massive liquidations worth approximately $9.5 billion after failing to maintain support near the $120,000 level. Other leading cryptocurrencies also experienced sharp declines amid the sell-off triggered by the tariff news.
### Investment Outlook: A Buying Opportunity for Long-Term Investors
Despite the turmoil, Edul Patel, CEO of Mudrex, suggested that the current market conditions present an attractive opportunity for long-term investors. He noted that while short-term selling pressure is intense, overall sentiment remains bullish.
“These declines could be used to gradually build long-term positions, especially in fundamentally strong assets like Bitcoin and Ethereum,” Patel said.
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The cryptocurrency space remains volatile as geopolitical tensions unfold, but experts encourage patient, strategic investment to navigate the market downturn.
https://www.newsbytesapp.com/news/business/why-cryptocurrency-market-is-seeing-a-wipeout/story
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