More than 1. 66 million people who traded cryptocurrency lost their investments in the last 24 hours as the market dropped quickly, losing a huge total of $19. 33 billion, according to CoinGlass.
Main Points:
- More than 1. 66 million traders lost all their investments in just 24 hours, totaling $19. 33 billion in cryptocurrency.
- Bitcoin and Ethereum had the biggest losses, with $5. 38 billion and $4. 43 billion wiped out.
- Experts say it was one of the biggest debt-reduction events of the year.
The sell-off happened because of increasing worries in the economy after President Donald Trump confirmed his plan to impose 100% tariffs on goods from China, which scared investors.
Bitcoin and Ethereum face $16. 8 billion in losses
Most of the losses, amounting to $16. 83 billion, were from long positions, while $2. 49 billion came from short positions.
Bitcoin and Ethereum had the most liquidations, totaling $5. 38 billion and $4. 43 billion, respectivelyThey were followed by Solana with $2. 01 billion and XRP with $708 million.
Hyperliquid experienced the biggest single liquidation, with an ETH-USDT position valued at $203. 36Overall, liquidations across all exchanges reached more than $10. 3
Experts pointed out that the big drop was one of the worst cutbacks on debt this year, showing how much uncertainty is still in the cryptocurrency markets.
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The total value of the global crypto market dropped more than 9% in 24 hours, falling to $3. 8 trillion as prices of major assets went down.
Bitcoin fell from over $122,000 on Friday morning to about $113,600, losing all the increases it had since August. It also briefly went below $102,000 later that night.
The selling of stocks got faster when Donald Trump warned about a big rise in taxes on products from China. This was in reaction to China’s new rules limiting exports of goods that have more than 0. 1% rare earth elements.
Trump later said he plans to set tariffs at 100%, but mentioned that he might change his mind if China makes different decisions before November. SurePlease provide the text you’d like me to rewrite in simpler words.
Experts believe that getting rid of tariffs might help the crypto markets bounce back in the short term, even though some losses are still locked in.
A big trader on Hyperliquid reportedly sold a lot of Bitcoin and Ethereum, making around $190 million in profit. An expert said this trader might have played a role in the crash that happened on Friday.
Trump’s approval ratings drop as the government shuts down
A new poll by Reuters/Ipsos shows that US President Donald Trump’s approval rating has dropped a lot. Only 40% of Americans approve of him, while 58% disapprove.
The decline comes after more people began to criticize his choice to make law enforcement more military-like. A different HarrisX survey found that 46% of people approved, highlighting the big divide in opinions between political parties in the country.
The drop is happening because the government is shut down. This shutdown started because Congress didn’t manage to pass budget bills by the October 1 deadline.
Trump said it was the Democrats’ fault and that he would cut their programs in future budgets. At the same time, on the Polymarket prediction platform, 86% of traders think the shutdown will last beyond October 15. This shows that people are losing trust in Washington’s ability to work things out.
Trump’s support for cryptocurrency, an important part of his 2024 campaign, is also being closely examined.
Senator Elizabeth Warren has said that Trump’s involvement in cryptocurrency could be a problem if he makes money from it while being in office.
