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Bitcoin’s Flash Crash Sees $7B Crypto Liquidation as Trump Ramps Up China Trade War

BTC tumbled 10% on Friday, while ETH, SOL and XRP crashed 15%-30% in a crypto flash crash as trade tensions escalate between the U.S. and China.

Friday's market meltdown lead to over $7 billion in liquidations from traders who bet on higher prices, according to CoinGlass.

The latest flare-up in trade tensions between U.S. and China occurred as Trump said he would increase tariffs in Chinese goods in response to China's export controls on rare earth metals. Then, after traditional markets closed for the week, he announced in an Truth Social post late Friday afternoon that he would impose an additional 100% tariff starting on November 1.

What to know:

U.S. President Trump announced a 100% additional tariff on China, causing a sharp decline in crypto asset prices.

Bitcoin fell below $110,000, tumbling over 10% in 24 hours, while ETH, XRP and SOL saw prices crashing 15%-30%.

Crypto assets were already battered in the early session after Trump's threat on increasing tariffs on Chinese goods in response to export controls on rare earth metals, escalating trade tensions between the U.S. and China.

# Bitcoin Quick Rebound! Bull or Bear?

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  • Sporeshare
    ·10-11
    black Friday! will it continue next week!
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  • dimzy5
    ·10-13
    Crazy volatility
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