Crypto Market Suffers Massive Liquidations Amidst Tariff War Fears

A sudden flash crash triggered the largest-ever crypto liquidation event, exceeding previous records by billions of dollars. Bitcoin open interest reached record highs before this shock, revealing a potential vulnerability hidden beneath the market’s bullish facade. 24 hours saw over $19 billion in liquidations across the cryptocurrency ecosystem, with long positions contributing significantly to this surge. This unprecedented event was driven by the escalating trade war between China and the US, as President Trump announced plans for increased tariffs on Chinese goods starting November 1st.