In brief
- •Trump announces 100% tariffs, causing an earthquake on global financial markets.
- •Crypto loses 19 billion in 24 hours, a historic record since the sector’s inception.
- •More than 1.6 million traders liquidated, with a majority of heavily exposed long positions.
- •The USDe stablecoin plunges, signaling systemic stress on crypto market derivatives.
Donald Trump reignites the trade war and plunges markets again
On October 10, 2025, Donald Trump, to whom a golden statue stands in Washington, unleashes a fiery message on Truth Social. He promises to impose 100% tariffs on all Chinese products starting November 1. The declaration reignites trade tensions and triggers a global chain reaction. Wall Street plummets, indices collapse, and investors panic.
Following this, all risk markets waver. The S&P loses ground, the Nasdaq retreats, tech stocks come under pressure. But the most spectacular reaction is in the crypto universe: the bitcoin price drops from $125,000 to $113,000, Ethereum loses over 12% in a few hours. The CoinDesk 20 Index drops 12.1%. The overall crypto market capitalization falls to 3.87 trillion dollars.
The partial US government shutdown worsens the scenario: many macroeconomic indicators are delayed, leaving markets without benchmarks. In this void, decisions become emotional. Panic spreads. And the crypto universe, never isolated, endures the storm.
The crypto carnage: 19 billion vanished, widespread panic
The crypto world had never seen such a tidal wave. In 24 hours, 1,618,240 traders are liquidated. 19.13 billion dollars in positions disappear, according to CoinGlass. Among them, 16.7 billion in longs, indicating many were betting on a rise. This turnaround exceeds the scale of FTX or Covid liquidations, multiplied by ten.
Even stablecoins feel the wind shift: USDe (Ethena), normally pegged to $1, briefly slips to 0.9996. A strong sign of stress in the derivatives market. HTX, on its side, records an individual liquidation of $87.53 million on the BTC/USDT pair. And on Hyperliquid, a whale shorts BTC/ETH for an estimated gain of 190 million dollars.
For some analysts, this shock is a warning. Perpetual products, very popular in crypto, played a multiplier role. Leverage amplifies movements. Several observers now mention a risk of contagion to other asset classes.
Strategies and lessons: reacting to the debacle
When the tidal wave hits, reacting is a matter of calm. Many were surprised. But others anticipated. Panic drowns out rational reflexes.
Here are 5 key figures to remember from this black Friday for crypto:
- •1,618,240 accounts liquidated;
- •19.13 billion dollars volatilized;
- •16.7 billion long positions liquidated;
- •BTC drops to 102,000 dollars intraday;
- •190 million $ estimated gain on Hyperliquid.
This disaster reminds us of two bitter truths. First: in the crypto market, leverage without caution is a double‑edged sword. Second: politics, macroeconomics, and the trade war are now integrated into the crypto matrix. No trader is isolated.
Reactions are pouring in: some analysts talk about deep corrections; others want to seize good picks. But all agree: resilience will be key. For the most seasoned, this tornado can be an opportunity — for the reckless, a fatal fall.
The dizzying descent was brutal. Yet some players persist in believing in the rebound. Arthur Hayes himself now states that the crash is no longer possible for bitcoin. A bold stance in a market still in shock. What if this chaos was not the end, but the prelude to a new, stronger cycle?