Overview

• President Donald Trump announced 100% tariffs on Chinese imports effective November 1 in response to Beijing’s rare‑earth export controls, triggering a global risk-off move.
• CoinGlass tallied roughly $19 billion in 24-hour liquidations, with about $16.6–$16.7 billion from long positions and more than 1.6 million traders forced out.
• Bitcoin plunged to roughly $102,000 on some futures venues before rebounding near $113,000, while Ether sank below $3,500 and later hovered around $3,800 as many altcoins posted double‑digit losses.
• Major exchanges including Binance and Coinbase reported outages or latency during the cascade but said services were restored; data trackers cautioned totals may be underreported due to exchange reporting limits.
• Market stress extended to stable-value products as Ethena’s USDe briefly printed $0.9996, and funds and traders highlighted counterparty exposure as a key risk to watch.