Bitcoin and crypto markets just witnessed the single largest daily liquidation event on record.

The meltdown hit $19.27 billion in liquidations in the last 24 hours, according to CoinGlass.

That’s larger than the massive liquidation cascades during the collapses of Terra Luna, FTX and the COVID-19 fallout.

President Trump’s ongoing tariff battle is at the center of the crash.

Today, Trump escalated the U.S.-China trade war to unprecedented levels, announcing an additional 100% tariff on all Chinese imports effective November 1st.

Trump says the move, layered on top of existing 30% duties, is a direct retaliation to new export controls by Beijing on rare earth elements.

The fallout didn’t stop at digital assets.

Trump’s tariff salvo triggered a synchronized global equity rout, with the Dow Jones shedding nearly 900 points, or 2.1%.

The S&P 500 dropped out 2.7%, and the Nasdaq lost 3.5%.

Asian markets followed, with Hong Kong’s Hang Seng plunging 4.2%, Tokyo’s Nikkei losing 3.1%, and Shanghai’s Composite dropping 2.8%, as investors prepare for potential retaliatory measures from Beijing.