$19B Wiped Out in Crypto's Biggest Liquidation

5 hours ago

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Crypto market sees historic liquidation of ~$19B, the worst day ever, triggered by miscommunication.
Bitcoin dropped from $118,000 to $101,000 due to Trump's tariff threats on Chinese tech.
Altcoins suffered severe losses, with some like SUI falling up to 80%.
Hyperliquid and other platforms saw massive trader equity losses, with $65B in open interest wiped.
Experts suggest the selloff was algorithmically driven, liquidating major cross-collateralized players.
Binance refunded $283M to users affected by token depegging issues.
Market may recover quickly if trade war fears subside, with potential for new ATHs by October.
Major banks explore jointly issued stablecoin; Ethereum Foundation launches privacy funding initiative.
Coinbase partners with American Express for a Bitcoin rewards credit card.
NFTs and memecoins show recovery signs post-crash, with notable rebounds in various tokens.

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