Morning Minute: $19B Wiped Out in Crypto's Biggest Liquidation Ever

Core Insights - The crypto market experienced its largest liquidation event in history, with approximately $19 billion liquidated in a single day, marking it as the worst day for crypto ever [2][4][6] - The significant drop in Bitcoin's price from $118,000 to $101,000 was triggered by President Trump's threats of 100% tariffs on Chinese tech, leading to a broader market collapse [2][4] - Altcoins suffered even greater losses, with some, like SUI, plummeting by as much as 80% [2][4] Market Impact - A total of ~$19.1 billion in positions were liquidated, with ~$16.7 billion of those being long positions, indicating a massive forced unwinding across exchanges and perpetual protocols [3][4] - The open interest in the market was reduced by $65 billion, effectively resetting market positioning to levels seen in midsummer [3][4] - The event left over 6,300 wallets in the red, with more than $1.2 billion in trader equity vaporized [3][4] Recovery and Future Outlook - Following the crash, major cryptocurrencies, including Bitcoin, have shown signs of recovery, with Bitcoin trading at approximately $114,100 [6] - The market is still assessing the full implications of the liquidation event, and the exact causes remain unclear [7]