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October 10: Historic Crypto Crash Triggered by Political Tensions
A day now etched into the history books of cryptocurrency. Following a shocking announcement from U.S. President Donald Trump about imposing a 100% tariff on Chinese imports, global markets were thrown into chaos, triggering one of the largest liquidation events in crypto history.
The broader crypto market was not spared. In just a matter of hours, the total market capitalization dropped below $4 trillion, falling to around $3.70 trillion, as traders rushed to exit risk positions.
XRP Plunges by $1.27 in Hours Before Quick Recovery
Among the hardest-hit assets was XRP, which had shown relative stability in recent weeks. At approximately 15:00 UTC, XRP was trading near $2.80. Within a few hours, the token crashed to $1.53, a staggering intraday drop of $1.27.
Despite the brutal plunge, XRP staged a swift comeback. The asset managed to rebound above the $2 level, eventually closing the day at $2.35, showing its typical resilience in the face of volatility.
Record-Breaking $19 Billion Liquidated in 12 Hours
According to data from CoinGlass, over $19.14 billion in both long and short positions were liquidated within a 12-hour window—marking the largest single-day liquidation event in cryptocurrency history.
- Longs suffered the most, with losses estimated at $16.71 billion
- Shorts accounted for roughly $2.43 billion
As of this writing, total 24-hour liquidations have climbed to $19.31 billion, with long positions contributing $16.81 billion and short liquidations at $2.49 billion.
“Black Swan” Event for XRP Traders
The XRP community faced its own disaster. Analyst Chad Steingraber described the event as a “Black Swan” momentfor XRP, citing historic liquidations.
Per CoinGlass data:
- XRP traders saw $707 million in liquidations in the last 24 hours
- Longs were hit hardest, losing about $615.46 million
- Short positions faced $91.96 million in losses
This marks the largest leveraged wipeout ever recorded for the Ripple-linked token.
