Markets plunged late Friday after U.S. President Donald Trump announced plans to impose a 50% tariff on all imports from the European Union and a 25% tariff on imported Apple iPhones.
In the 24 hours that followed, bullish crypto traders lost over $500 million as widespread liquidations and profit-taking swept through digital asset markets amid mounting concerns over escalating trade tensions.
Bitcoin, which had been holding steady above $111,000, quickly dropped to approximately $108,600, erasing its earlier gains and rattling investor confidence across the board.
This sharp decline was echoed throughout the crypto ecosystem, with futures on Ether (ETH), Solana (SOL), XRP, and Dogecoin (DOGE) experiencing losses ranging from $30 million to upwards of $100 million.
Bitcoin futures accounted for roughly $181 million in liquidations, while Ether futures contributed close to $142 million. Other altcoins collectively added around $100 million in forced liquidations, with SOL, DOGE, and XRP particularly hard hit.
Data from CoinGlass reveals the largest single liquidation was a $9.53 million BTC-USDT swap on OKX.
Liquidations occur when exchanges close leveraged positions that fail to meet margin calls, often signaling heightened market stress and possible turning points fueled by sharp shifts in trader sentiment.
The correction struck just as Bitcoin was gaining traction, buoyed by ETF inflows and increasing institutional interest, leading many to anticipate a quiet weekend.
Instead, renewed fears of a trade war injected fresh volatility into the markets, prompting traders to approach next week’s sessions with caution.
