The cryptocurrency market experienced historic volatility and price drops after President Donald Trump announced a 100% tariff on Chinese goods via his platform Truth Social. The move triggered an estimated $19 billion in crypto liquidations and significantly impacted major digital currencies like Bitcoin and altcoins. This significant event, marked as the largest of its kind, caused prices to plummet by over 10% within hours, according to market analytics from CoinGlass. 1.6 million traders were affected by forced account closures within a short period, raising concerns about market stability and potential spillovers to traditional financial sectors. Bitcoin’s price fell significantly after the announcement, dropping from its peak of $117,000 to as low as $104,000-$108,000 in a matter of hours. Other altcoins such as Ethereum, Dogecoin, and many others suffered substantial declines – ranging from 15% to 40%. Crypto markets like Decentralized Finance also saw significant outflows as investors sought stability amidst the volatility.