Trump's tariff declaration ignites a 'black swan' in the cryptocurrency market, with nearly $20 billion liquidated in a single day.

On October 11, after Trump announced a 100% tariff on Chinese goods, the crypto market collapsed: Bitcoin fell over 17% in a day, Ethereum dropped over 20%, and smaller coins were halved, with a total liquidation amount reaching $19.1 billion, leaving 1.64 million people at a loss, with 90% being long positions.

High-leverage trading triggered a 'death spiral' as the core of the crash — excessive leverage in the early stages, combined with price fluctuations triggering concentrated force liquidations, created a vicious cycle. This crash once again confirms the high correlation between Bitcoin and tech stocks, categorizing it as a high-risk asset, and the 'digital gold' narrative collapses on its own.

Analysis indicates that cryptocurrency prices have been dominated by traditional financial sentiment, compounded by signals from the Federal Reserve, the U.S. government shutdown, and other factors, highlighting market vulnerability. Our country has clearly prohibited virtual currency trading, and participation in such trading is not protected by law #美国加征关税 .