India, Oct. 12 -- The cryptocurrency market witnessed unprecedented losses on Saturday, with over $19 billion wiped out in a single day - what Coinglass described as "the largest liquidation event in crypto history."

The crash followed US President Donald Trump's announcement of 100% tariffs on Chinese goods and new export restrictions on software, sparking panic across global markets.

Bitcoin and Ethereum nosedive after Trump's announcement

Trump's tariff declaration, made on X (formerly Twitter), sent shockwaves through digital assets.

Data from Coinglass showed that over 1.6 million traders were liquidated within 24 hours, with more than $7 billion worth of positions erased in less than an hour on Friday, reported India Today.

The...