Crypto market crashes $7.5 billion after Trump’s 100% China tariff announcement

Following Donald Trump’s announcement of a 100% tariff on all Chinese imports, the cryptocurrency market suffered a violent collapse. According to Coinglass, more than $7.5 billion in trading positions were liquidated within an hour, with total losses exceeding $9 billion over 24 hours.

Source Yahoo Finance

Bitcoin led the crash with $1.83 billion in liquidations, followed by Ethereum at $1.68 billion, Solana with $614 million, and XRP with $432 million. Overall, the crypto market capitalization plunged by roughly 13% to $3.59 trillion, marking its steepest drop since April.

Trump said the tariffs were meant to counter China’s “aggressive trade stance,” calling the move “painful but ultimately good for the U.S.” The sudden escalation reignited fears of a renewed trade war between the world’s largest economies, sending shockwaves across global financial and digital asset markets.