The Bitcoin market plummeted, causing a historic liquidation of approximately 3 trillion yen, possibly due to President Trump's announcement of additional tariffs on China.

The price of Bitcoin , which exceeded $120,000 (approximately 18 million yen) for the first time in July 2025, suddenly plummeted to the $100,000 range on October 10, 2025. Although it recovered to the $110,000 range again, it was discovered that 1,618,240,000 traders were liquidated in total for $19.13 billion (approximately 2.9 trillion yen).

Trump Tariffs Upend Crypto Market, Trigger Record Liquidations - Bloomberg
https://www.bloomberg.com/news/articles/2025-10-10/crypto-sees-more-than-3-billion-in-liquidations-in-past-hour

Crypto liquidations drive historic market turbulence - Blockworks
https://blockworks.co/news/crypto-liquidations-drive-historic-market-turbulence

The trigger for this appears to be President Trump's announcement of additional tariffs on China. In a post on the social media platform Truth Social, President Trump stated that he had learned that China plans to impose large-scale export restrictions on Chinese-made products starting November 1, 2025. In response, he said that starting November 1, 2025, he would impose an additional 100% tariff on China in addition to the current tariffs, and would also impose export restrictions on all critical software.

This caused the price of Bitcoin, which had already been showing signs of a slight decline, to fall 12%. It temporarily dropped to the $100,000 range (approximately ¥15 million). It then recovered to the $110,000 range (approximately ¥17 million). According to CoinGlass, a cryptocurrency market data provider, $19.13 billion was liquidated by 1,618,240 traders in 24 hours.

The largest liquidation event in crypto history.

In the past 24 hours, 1,618,240 traders were liquidated, with a total liquidation amount of $19.13 billion.

The actual total is likely much higher — #Binance only reports one liquidation order per second.… pic.twitter.com/tvMCILVgU0

— CoinGlass (@coinglass_com) October 10, 2025

Bloomberg reports that experts believe the liquidation figures could reach $30 billion, as exchanges like Binance only report liquidations once per second, meaning they are not in real time.

'Even institutional investors likely did not anticipate this level of volatility, and the leveraged nature of perpetual futures likely forced them into liquidation ,' David John of trading platform tread.fi told Bloomberg.