WHAT HAPPENED ON OCT 10 :--

On October 10, 2025, President Donald Trump announced a 100% tariff on all Chinese imports via Truth Social, effective November 1, 2025, bringing total tariffs to 130% and causing global markets to sell off. Cryptocurrency markets, operating 24/7 with $217 billion in open interest, became a pressure point as Bitcoin slid from its high of $122,574 and leveraged traders struggled with thinning weekend liquidity. According to Amberdata, a violent cascade began at 20:50 UTC, liquidating $6.93 billion in positions over 40 minutes, with a peak at 21:15 UTC where $3.21 billion evaporated in 60 seconds. By October 11, Bitcoin fell to $104,782, Ethereum to $3,436, and Solana to $174 after a brief 40% loss; the total crypto market cap shed approximately $350 billion, liquidating over 1.6 million trading accounts with total forced closures exceeding $19 billion, according to Coinglass data.

Industry blame game continues: Nearly four months after the crash, crypto's largest exchanges are publicly feuding over responsibility, with no consensus on causes and Bitcoin still struggling to recover from its $126,000 all-time high.