what happened to the crypto market today

Today, the crypto market experienced a significant crash triggered primarily by renewed global trade tensions between the United States and China. President Donald Trump announced a 100% tariff on Chinese tech imports starting November 1st, which escalated fears of a trade war and caused a broad risk-off sentiment across global markets, including crypto. This resulted in a major sell-off with Bitcoin dropping over 7% in one day to around $112,594, Ethereum falling over 12%, and XRP plunging about 13%. The market saw massive liquidations, with over $19 billion wiped out in crypto positions within 24 hours—more than what happened during the FTX collapse or the COVID crash. The sharp downturn wiped roughly $200 billion off the total crypto market capitalization before a slight recovery. Liquidations particularly hit leveraged traders across major exchanges, intensifying market volatility and panic selling. Despite the chaos, some institutional investors appear to be quietly accumulating, similar to past major crashes. Overall, the crash reflects a macroeconomic liquidity shock driven by global geopolitical events rather than an internal crypto issue, with traders and investors bracing for continued volatility in the near term. The long-term bull market for Bitcoin and other major cryptocurrencies is seen as intact, supported by ongoing institutional demand and adoption, though short-term price fluctuations are expected to persist.