A major upheaval in the cryptocurrency market followed an unprecedented wave of liquidations across both centralized and decentralized platforms. This incident, which saw over $19 billion in trading positions liquidated across exchanges like Binance and perp DEXs like Uniswap and dYdX, left traders and investors reeling from significant losses. The rapid decline was fueled by a confluence of factors, including President Trump’s unexpected tariff on all Chinese imports, intensifying the trade conflict between the U.S. and China. This move served as a catalyst for market volatility, exacerbating the liquidations on trading platforms. Excessive leverage and fragile liquidity conditions in certain cryptocurrencies further contributed to this price drop. .