October 10, 2025 — a night that will echo through crypto trading history, whispered with the same dread as “Black Thursday 2020” or “May 19, 2021.”
Except this time, it wasn’t a whale dump, a protocol exploit, or a Fed speech that started it. It was Donald Trump.
With a single announcement (a 100% tariff on all Chinese imports) the world’s financial equilibrium cracked in half. What followed was a record-shattering $19.2 billion in crypto liquidations, a chain reaction so violent it made every previous crash look like a rehearsal.
The Tariff Heard Around the World
It started innocently enough — a press briefing in Washington D.C.
But as Trump’s words hit the airwaves, global traders froze. A 100% tariff? On everything?
Stocks nosedived. Futures broke. And the crypto market imploded in spectacular fashion.
Within minutes, Bitcoin’s price plunged dramatically, slicing through $105,000 before clawing back slightly. Ethereum collapsed below $4,000.
Leverage, that beautiful double-edged sword, became the executioner.
Positions worth billions vanished. Order books thinned. Funding rates flipped negative across the board.
Liquidation bots went into overdrive as if the blockchain itself were cleansing its sins.
The Biggest Bloodbath in Crypto History
By sunrise, the numbers were historic, and horrifying.
Total liquidations: $19.2 BILLION.
That’s double the infamous May 19, 2021 crash, when $9.3 billion in leverage was wiped out in 24 hours.
It’s more than six times the March 12, 2020 COVID crash, when $3 billion disappeared in a day.
And nearly ten times the February 2025 “Trade Tension” sell-off, which now looks like a mere tremor in hindsight.
Crypto had never seen destruction on this scale, not even close.
The market’s collective scream reverberated across exchanges as liquidation candles painted the charts blood red.
Some traders described it as “a financial apocalypse.” Others simply logged off, stared at the ceiling, and whispered, “not again.”
Exchanges Under Siege
Trading platforms were hammered with unprecedented volume.
Hotcoin, Binance, and OKX reported transaction spikes over 300% higher than average, with liquidation queues stretching to record lengths.
Some smaller exchanges went offline entirely, unable to process the chaos.
But Hotcoin stood resilient, processing the waves of forced closures without a single interruption. Its risk-control systems throttled liquidation chains, preserving market depth while protecting ordinary traders from contagion. Look at the spike within a day on Hotcoin’s trade volume graph below!
What Comes Next?
Markets, like phoenixes, are born from their ashes.
Already, bargain hunters and bots are buying the dip, while analysts argue whether this marks the end of the bull cycle or merely its most violent correction yet.
If history is any guide, capitulation often precedes recovery, but never without scars.
The emotional toll, the trust erosion, and the billions in vaporized positions will linger long after charts turn green again.
Hotcoin analysts predict short-term volatility will remain extreme through Q4, especially with global trade tensions escalating and central banks walking the tightrope between inflation and stagnation.
The $19.2 billion liquidation of October 10–11, 2025 wasn’t just a market crash as it was a spectacle of destruction, a cinematic reminder of crypto’s brutal beauty.
Your Trades. Our Priority. Hotcoin.
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