A sudden market downturn linked to renewed US–EU tariff disputes caused nearly $874 million in crypto liquidations, with Bitcoin and major altcoins experiencing sharp, rapid losses.
Bitcoin dropped from $95,500 to $93,000 in the past day, triggering $874 million in crypto derivatives liquidations, including $788 million in long positions, according to CoinGlass. The sell-off followed renewed US–EU tariff tensions, with President Donald Trump announcing a 10% tariff on goods from eight European nations starting February 1, to rise to 25% on June 1 if demands over Greenland are unmet. Bitcoin accounted for $233 million of liquidations, Ethereum $156 million, Solana $61 million, XRP $41 million, and Dogecoin $35 million. The market wipeout erased about $100 billion in value before Bitcoin rebounded slightly to $93,100.