The bitcoin market had its biggest one-day crash in history on Friday after U.S. President Donald Trump announced 100% tariffs on all Chinese imports.

The sudden escalation in trade tensions wiped out over $5.3 billion in leveraged positions in the bitcoin market, and over $19 billion in the broader digital assets market.

Over $5 billion in leveraged bitcoin positions were liquidated — CoinGlass

The sell-off started early Friday after Trump posted on his Truth Social that he would introduce “massive new trade tariffs” and export controls on software in response to China’s restrictions on rare earth minerals.

Markets around the world went spiraling down —…

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