The crypto market has witnessed the biggest single-day crash in history, with more than $19 billion in liquidations, with a staggering 1.6 million traders liquidated in the last 24 hours. The market crash comes after US President Donald Trump imposed a 100% tariff on China, escalating the trade war further. Investors lost a staggering $670 billion in today’s crypto crash amid CEX auto liquidations, as noted by veteran trader Arthur Hayes. Altcoins crash has intensified with reports suggesting that many alts on Binance tanked as much as 90%.
Top altcoins like ETH, BNB, XRP, Solana (SOL), have all corrected 12-20% amid a massive liquidation flushout in the market. While players like DOGE, LINK, and ADA have incurred an even greater loss.
In one of the largest liquidations in crypto history, more than 1.6 million traders have been liquidated in the last 24 hours, with total liquidations exceeding $19 billion. The previous record dates back to May 2021, when Bitcoin’s crash from $43,000 to $30,000 erased approximately $8.6 billion in leveraged positions in a single day.
The latest wipeout was triggered by Donald Trump’s proposal of a 100% tariff on Chinese goods, which sparked a global risk-off sentiment across markets. Bitcoin price crashed to $105,000, before surging back to $112,000 as of press time. Coinglass reported:
“In the past 24 hours, 1,618,240 traders were liquidated, with a total liquidation amount of $19.13 billion. The actual total is likely much higher, Binance only reports one liquidation order per second”.
The global crypto market saw a sharp sell-off on Friday, erasing as much as $670 billion in market value. This is one of the biggest day losses since the Trump Liberation Day in April.
BitMEX co-founder Arthur Hayes commented on the recent sharp downturn in the altcoin market. He noted that auto-liquidations on major centralized exchanges (CEXs) were a key driver of the sell-off.
According to Hayes, the forced liquidation of collateral linked to cross-margined positions triggered widespread volatility. This further led to steep declines across several altcoins. Hayes added that opportunistic traders who placed low “stink bids” were able to capitalize on the sudden price drops.
“Remember April this year was a great buying opp for those with steel nerves and spare cash,” wrote Hayes. Hayes is confident of the Fed easing monetary policy and believes that a major Bitcoin bull run is coming next year in 2026.
Furthermore, amid this massive selloff in the market, users on Binance faced intermittent delays due to heavy load. However, the exchange stated that they had restored the operations a few hours later. In addition to Binance, other major exchanges like Coinbase, Robinhood, and Kraken experienced outages and performance issues during the market crash, with order books freezing and trading apps lagging.
In an X post, Binance co-founder Yi He apologized to those who encountered issues with their transactions during the crypto market crash. She asked those who incurred losses attributable to the exchange to reach out to them, and they will review and provide compensation accordingly.
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