Donald Trump has just brought out his favorite weapon: taxes. Barely announced, its threat of 100% tariffs on Chinese imports is causing shock waves throughout finance. The traditional market is faltering, but it is in crypto that the shock wave is the most violent. In less than a day, nearly $19 billion in positions were liquidated. This Black Friday in crypto history is a reminder that volatility can arise at any time.
In brief
- Trump announces 100% tariffs, causing an earthquake in global financial markets.
- Crypto loses 19 billion in 24 hours, a historic record since the start of the sector.
- More than 1.6 million traders liquidated, the majority of which were heavily exposed long positions.
- The stablecoin USDe is unraveling, signaling systemic stress on crypto market derivatives.
Donald Trump restarts the trade war and plunges the markets
On October 10, 2025, Donald Trump, to whom a golden statue sits in Washington, released an incendiary message on Truth Social. He promises to impose 100% tariffs on all Chinese products from November 1. The statement reignites trade tensions and sets off a global chain reaction. Wall Street plunges, indices collapse, and investors panic.
In the process, all the risky markets falter. The S&P is losing ground, the Nasdaq is falling, tech stocks are coming under pressure. But the most spectacular thing is the reaction in the crypto universe: the price of bitcoin goes from $125,000 to $113,000, Ethereum loses more than 12% in a few hours. The CoinDesk 20 Index lost 12.1%. The overall crypto market capitalization falls to $3.87 trillion.
The partial shutdown of the American government worsens the scenario: many macroeconomic indicators are delayed, leaving the markets without guidance. In this void, decisions become emotional. Widespread panic. And the crypto universe, never isolated, is experiencing the storm.
Crypto carnage: 19 billion gone, widespread panic
The crypto world has never seen such a tidal wave. In 24 hours, 1,618,240 traders are liquidated. $19.13 billion in positions disappear, according to CoinGlass. Among them, 16.7 billion longa sign that many were banking on the increase. This reversal exceeds in magnitude the FTX or Covid liquidations, multiplied by ten.
Even stablecoins are feeling the tide: USDe (Ethena), normally backed by $1, briefly slides to $0.9996. A strong sign of tension in the derivatives market. HTX, for its part, records an individual liquidation of $87.53 million on the BTC/USDT pair. And on Hyperliquid, a whale shorts BTC/ETH for an estimated gain of $190 million.
For some analysts, this shock is a warning. Perpetual products, very popular in crypto, played a multiplier role. Leverage amplifies movements. Several observers are now talking about a risk of contagion towards other asset classes.
Strategies and lessons: responding to the debacle
When the tidal wave hits, reacting is a matter of composure. Many were surprised. But others anticipated. Panic drowns out rational reflexes.
Here are 5 key figures to remember from this Black Friday for crypto:
- 1,618,240 accounts liquidated;
- $19.13 billion vanished;
- 16.7 billion long positions liquidated;
- BTC falls to $102,000 intraday;
- $190 million estimated gain on Hyperliquid.
This disaster reminds us of two bitter truths. First: In the crypto market, careless leverage is a double-edged sword. Second: politics, macroeconomics, trade war are now integrated into the crypto matrix. No trader is isolated.
Reactions abound: some analysts speak of profound corrections; others want to grab the right picks. But everyone agrees: resilience will be key. For the most experienced, this tornado can be an opportunity – for the unwary, a fatal fall.
The dizzying descent was brutal. However, some players persist in believing in a rebound. Arthur Hayes himself today says that a crash is no longer possible for bitcoin. A bold position in a market still in shock. What if this chaos was not the end, but the prelude to a new, more solid cycle?
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