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Source: CoinGlass
Last Friday, the cryptocurrency market experienced a dramatic and historic sell-off, resulting in the largest single-day liquidation event ever recorded. Over $19 billion in leveraged positions were wiped out across major centralized exchanges, affecting more than 1.6 million traders globally. This unprecedented cascade of liquidations was triggered by a combination of macroeconomic shocks and technical vulnerabilities in exchange infrastructure.
The immediate catalyst was the US announcement of a 100% tariff on Chinese imports, which sent shockwaves through global financial markets. Investors rushed to de-risk, and crypto — often seen as a speculative asset class — was hit especially hard. Bitcoin plunged from around $121K to a low of $101K before recovering slightly, while Ethereum dropped nearly 30% and Solana fell over 40%.