Last Friday, Trump reignited the US-China trade war, causing the US stock market to suffer its most severe sell-off in six months. The crypto market saw a single-day leveraged liquidation scale exceeding 19 billion USD, turning the market into a bloodbath. However, the crypto market has already rebounded on Sunday, with Ethereum (ETH) returning to 4,100 USD, and the top ten market cap cryptocurrencies—excluding BTC, TRX, and stablecoins—seeing gains of about 10%.

Black Friday Wipes Out 19 Billion USD in Leveraged Positions

After US President Trump threatened to significantly increase tariffs on goods imported from China, the US stock market experienced its worst sell-off in six months. The crypto market was a bloodbath, ushering in an unprecedented "Black Friday" moment for the cryptocurrency market. Impacted by global macroeconomic factors, the single-day leveraged liquidation scale broke through 19 billion USD, setting the largest record in crypto history and far exceeding the 2022 Terra/Luna collapse and FTX crisis.

Crypto Market Rebounds on Sunday, ETH Back to 4,100 USD

The crypto market rebounded on Sunday, with the top ten market cap cryptocurrencies—excluding BTC, TRX, and stablecoins—seeing gains of about 10%.

BTC dipped to 102K in the early morning of Saturday and has returned to around 115K as of the deadline; ETH surged from 3,800 last night, powering through to strongly reclaim the 4,000 mark, reporting at 4,146 USD as of the deadline with a 24-hour increase of 8.9%.

In the past 24 hours, over 620 million USD in positions were liquidated, of which 418 million USD came from short positions, triggering a series of short coverings after Friday's plunge. However, market sentiment remains stuck in the fear zone at 31.

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