Cryptocurrency traders experienced the largest liquidation event in history, according to data tracker Coinglass, as reported by the South China Morning Post. Prices tumbled on Friday after President of the United States Donald Trump said he would impose an additional 100 per cent tariff on China and export controls on software.

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The declines precipitated what Coinglass described as “the largest liquidation event in crypto history.” While market weakness was already present, Trump’s post sparked a more than 12 per cent decline in bitcoin. The largest token, which had reached an all-time high of more than $125,000 earlier in the week, was hovering below $113,000 as of Friday night in New York.

According to Coinglass data, over the past 24 hours, bets worth more than $19 billion have been wiped out, and more than 1.6 million traders were liquidated. More than $7 billion of those positions were sold in less than one hour of trading on Friday.

In a post on X, Coinglass said the total might be much higher given that exchanges do not necessarily report such orders in real time. Binance Holdings, the world’s largest crypto exchange, only reports one liquidation order per second.

“The focus now turns to counterparty exposure and whether this triggers broader market contagion,” said Brian Strugats, head trader at Multicoin Capital. He added that some estimates place total liquidations above $30 billion.

Source: IndexBox Market Intelligence Platform