Trump’s 100% Tariff Move On China Sparks Massive $18 Billion Crypto Meltdown

President Donald Trump's announcement of a potential 100% tariff on Chinese imports triggered a significant sell-off in the cryptocurrency market late Friday, revealing the precarious leverage prevalent in the sector.Major digital currencies, including bitcoin, ether, and solana, faced substantial impacts, resulting in total liquidations reaching $18.28 billion by 3:47 p.m. ET, according to CoinGlass. This downturn coincided with a broader market decline, with the Nasdaq and S&P 500 experiencing their most considerable drops in six months.In the preceding 24 hours, approximately $5 billion in bitcoin was liquidated, alongside about $4 billion in ether and roughly $2 billion in solana. CoinGlass referred to the situation as the “largest liquidation event in crypto history.”As of 3:45 p.m. ET, bitcoin was trading at $111,616.20, recovering from a low of $103,000 earlier. Ether dropped 14.2%, while solana faced a nearly 20% decline.