The crypto market, notorious for its volatility, has witnessed a huge dump on the night between 10th and 11th of October. The crash was so intense that Bitcoin ($BTC) fell from $117,084 to $104,953 within 35 minutes, as shown below in the BTC/USDT chart from CoinMarketCap. This Bitcoin crash equals 10.36% which had an enormous impact on the altcoins market. However, this is not the reason which makes it the worst crash of history, the reason is mentioned below.
$19 Billion Wiped Out From the Crypto Market
As a result of this crash, the whole market turned red as almost every long trader got liquidated. Altcoins reached near to zero in value at one time. The total liquidations in the past 24 hours account for a whopping $19.43 billion, as per CoinGlass data. This is the largest single-day crash in the history of cryptocurrency. Out of this $19 billion, Bitcoin liquidations account for $5.39 billion. This means that altcoins were the major losers. ETH and SOL followed BTC with $4 and $2 billion liquidations respectively.
The Trigger for this Crash
The timing of this crash relates it to an announcement by the US President Donald Trump. He threatened to impose more and heavy tariffs on Chinese goods which supposedly caused this dump. Ever since Donald Trump took charge as the President the second time, the crypto market has been suffering with his Teriffs announcements.
Retail Accuses Binance and Coinbase of Market Manipulation
After the bloodbath in the market, retail crypto traders are accusing big exchanges like Binance and Coinbase of market manipulation. During the crash, users report that they were not able to buy. However, the exchanges have termed this as outage due to large number of orders. It is also pertinent to mention here that President Trump is considering pardoning Binance founder CZ. Soon after this news, which should have been bullish for the market, the market crashed raising many doubts and accusations on X.
Filthiest manipulation was orchestrated last night by #Binance and #Coinbase possibly along with #Trump who uttered a few stinky words to deprive millions of people of their hard-earned money.
$19 billion were wiped away from #crypto market.
The biggest liquidity grab f history— Delphic (@DelphicSapient) October 11, 2025
Meanwhile, bro also had a major role in this cascade, he made sure to take out the liquidity by pumping his tokens right before this carnage happened.
As I said, bro is doing everything to go back to the jail again.
If Trump supports him, both will be criminals.
— Nishant Bhardwaj (@Nishant_Bliss) October 11, 2025