Bitcoin experienced a dramatic plunge over the weekend, dropping its price to levels not seen since early July. This massive drop triggered the largest single-day liquidation event ever observed in cryptocurrency markets, exceeding $19 billion in losses. The total crypto market cap plummeted by $900 billion at one point. The dramatic fall began after President Trump’s warnings regarding China and its impact on trade relations sparked volatility. While Bitcoin had enjoyed an upward trajectory starting Sunday with a surge past $124,000 and even reaching a new all-time high of over $126,000 on Monday, it suffered significant losses throughout the week. The price eventually plummeted from around $122,000 to just over $101,000 before recovering slightly to about $112,000 as of now. The impact was felt across other cryptocurrencies, with altcoins like Cardano’s ADA and Ethereum (ETH) experiencing significant losses. This resulted in a record-breaking daily liquidation event exceeding $19 billion, with over 1.6 million traders impacted.