The global cryptocurrency market witnessed its largest single-day liquidation event ever, with nearly $19 billion erased in just 24 hours as of 8:29 AM IST on October 11, 2025. Major digital assets plunged sharply amid a wave of risk-off sentiment, forced liquidations, and renewed macroeconomic uncertainty triggered by fresh US–China trade tensions.
According to market data, Binance Coin (BNB) led the decline with an 8.57% drop to $1,139.70, while Bitcoin (BTC) slipped 6.51% to $113,180. Ethereum (ETH) fell 11.83% to $3,843.47, and Solana (SOL) tumbled 14.37% to $188.67.
The broader market also saw heavy losses — Dogecoin (DOGE) plunged 19.92%, XRP dropped 12.75%, Cardano (ADA) sank 18.04%, and SUI fell 19.27%. Meme coin PEPE recorded the steepest fall, down 23.84%, while Chainlink (LINK) lost 18.38%, underscoring the widespread panic across digital assets.
What caused the record-breaking crypto crash?
Analysts point to a combination of macro, technical, and sentiment-driven factors behind this historic liquidation wave.
1. Trump’s 100% tariff on China: President Donald Trump’s announcement of a 100% tariff on Chinese imports starting November 1 has reignited global trade tensions, sending shockwaves across equities, commodities, and crypto markets. The move intensified concerns of a new economic cold war, prompting investors to exit risk assets.
2. Rising US bond yields and strong dollar: A sustained rise in US Treasury yields and a stronger dollar have drawn liquidity away from speculative assets like crypto. Traders rushed to deleverage positions as borrowing costs increased, leading to mass margin calls and forced liquidations across major exchanges.
3. Tech and AI stock sell-off: A global correction in high-growth tech and AI stocks spilled over into digital assets, as both sectors share similar investor bases. With valuations stretched, institutions reduced exposure to volatile holdings, accelerating the crypto downturn.
4. Leverage wipeout on major exchanges: The crash was amplified by massive leveraged positions in perpetual futures and derivatives. Once prices began to drop, cascading auto-liquidations across Bitcoin, Ethereum, and altcoin pairs triggered the biggest liquidation event in crypto history — estimated at $19 billion in 24 hours.
5. Risk aversion ahead of key macro data: Investors also turned defensive ahead of upcoming US inflation and employment data, seeking safer assets amid policy uncertainty.
Outlook: short-term caution, long-term resilience
Market experts warn that volatility could persist through October as traders reassess exposure ahead of global policy announcements. However, several analysts note that such capitulation events often mark short-term bottoms, with institutional buyers likely to accumulate during weakness.
For now, the sentiment remains fragile, as the crypto market faces its biggest stress test since the 2022 crash.
Crypto prices as of 8:29 AM IST, October 11, 2025
BNB: $1,139.70 (-8.57%)
BTC: $113,180 (-6.51%)
ETH: $3,843.47 (-11.83%)
SOL: $188.67 (-14.37%)
DOGE: $0.19898 (-19.92%)
XRP: $2.44 (-12.75%)
ADA: $0.6663 (-18.04%)
SUI: $2.76 (-19.27%)
PEPE: -23.84%
LINK: $18.03 (-18.38%)
Disclaimer: This article is for informational purposes only and is not investment advice. Cryptocurrency markets are volatile and investors should exercise caution and consult certified financial experts before making investment decisions.