Overview

• President Donald Trump said the United States will impose a 100% tariff on Chinese imports and new export controls on critical software starting November 1, following China’s rare‑earth export restrictions.
• CoinGlass reported roughly $19.1 billion in liquidations over 24 hours affecting more than 1.6 million traders, with about $16.7 billion from long positions and totals likely understated due to exchange reporting limits.
• Bitcoin fell about 10% from recent highs, dipping below $106,000 on some trackers and near $102,000 on certain venues, while major altcoins saw steeper intraday declines before partial rebounds.
• Exchanges experienced stress during the sell-off, with users reporting frozen accounts and failed stop‑loss orders on Binance and disruptions on other platforms, as some pairs briefly printed extreme prices.
• Market fallout extended beyond crypto as U.S. stock indexes logged their sharpest drops in months, analysts flagged counterparty exposure with some loss estimates exceeding $30 billion, and Ethena’s USDe briefly traded below $1.