On October 11, 2025, the global cryptocurrency market experienced a historic collapse. US President Donald Trump’s announcement that a 100 percent customs duty would be imposed on products originating from China suddenly shook investor confidence and triggered sharp declines in both crypto and traditional markets. This move of the president was considered as “retaliation” against China’s restriction on the export of rare earth elements.
19 Billion Dollar Liquidation, 1.6 Million Investors Lost
Following Trump’s statement, both the S&P 500 index lost 2.7 percent of its value and there was an unprecedented wave of liquidations in the digital asset market. According to Coinglass data, positions worth $19.1 billion were closed in the last 24 hours and 1.6 million investors recorded losses. This was recorded as the largest single-day altcoin liquidation in crypto history.
Bitcoin 
$121,686.05 While Ethereum fell below 105 thousand dollars 
$4,342.94 It fell below $3,800. Solana, Cardano 
$0.815881Avalanche 
$28.35 Losses exceeded 30 percent in major altcoins such as (AVAX) and XRP. While AVAX lost 61 percent and XRP lost 62 percent of its value, a “panic selling” effect was seen throughout the market. Global crypto market value fell 9.1 percent in 24 hours to $3.86 trillion.
The biggest blow came to investors trading with high leverage. While a $10 billion position was liquidated on the Hyperliquid exchange, there was a loss of $9.3 billion in long positions. Despite this, short-term recoveries were observed in some small altcoins such as TRX, SUN and JST.
Crypto Stocks Crash, Panic Selling Gains Speed in the Market
The collapse in the markets also deeply shook crypto-focused public companies. Coinbase (COIN) stock fell 7.75 percent to $357. Crypto finance company Bullish (BLSH) decreased by 9.4 percent to $60. Bitcoin mining giant MARA Holdings (MARA) closed the day with a loss of 7.6 percent. Strategy (MSTR) stock, known for its Bitcoin reserves, also fell by 4.8 percent to $304.
On the other hand, Geoffrey Kendrick, Head of Digital Asset Research at Standard Chartered, stated that the net asset value ratio (mNAV) of companies holding Bitcoin reserves, such as Strategy, fell below 1.18, the lowest level of the last two years, and evaluated that “this situation may increase the balance sheet pressure in the sector.”
While all these developments are taking place, the Agent Payments Protocol (AP2) project, announced in cooperation with Google, Coinbase and Mastercard, aims to integrate artificial intelligence-supported payments with crypto. However, even this positive development was not enough to dispel the atmosphere of fear in the markets. The “Fear and Greed Index” fell from 64 to 27 in one day, revealing how quickly the market fell into panic.
The Central Bank of Russia’s granting of limited crypto activity permission to banks and the announcement of a global stablecoin initiative indexed to the G7 showed that the long-term regulatory trend has strengthened despite the decline in the market.
