Bitcoin, Ethereum crash as $380 billion evaporates from crypto market
The crypto market took a major hit on Friday, losing $380 billion in value almost overnight.
Bitcoin dropped nearly 13%, sliding from $123,000 to about $107,000, while Ethereum, Solana, Cardano, and XRP also saw big losses.
Liquidity problems made things worse for altcoins, which lost $131 billion alone.
Biggest liquidation event in crypto history
Smaller tokens were hammered—some fell as much as 80%—causing mass liquidations that impacted around 1.6 million accounts.
This was the biggest liquidation event in crypto history and showed just how risky many altcoins still are.
US-China trade tensions trigger panic selling
The crash started after former President Donald Trump announced surprise 100% tariffs on Chinese tech imports starting November 1.
This ramped up US-China trade tensions and sparked panic selling across markets.
High leverage and automated sell-offs only added fuel to the fire, exposing how fragile momentum-driven tokens can be without solid backing.