Bitcoin at $115,000 after $19 billion wipe out

The world’s largest cryptocurrency was last up 3.1% at $115,107.60

Bitcoin rebounded above $115,000 on Monday after the largest single-day liquidation in crypto history wiped out nearly $19 billion in positions, triggered by a new escalation in U.S.-China trade tensions.

The world’s largest cryptocurrency was last up 3.1% at $115,107.60 as of 06:32 GMT.

Bitcoin slipped to $103,893.3 on Friday after trading above $122,000 on the same day. It had hit a record high above $126,000 in the prior week.

The selloff was sparked by U.S. President Donald Trump’s announcement on Friday of plans to impose tariffs of up to 100% on Chinese goods, alongside tighter export controls on key technologies.

The move impacted global markets, driving investors out of risk assets and triggering a wave of forced liquidations in highly leveraged crypto positions.

More than $19 billion in long positions were liquidated across major exchanges in a 24-hour period, in what data providers described as the biggest one-day liquidation event on record.

Over 1.6 million trading accounts were closed out as cascading stop-loss orders and margin calls accelerated the selloff, according to reports.

Exchanges including Binance, Bybit and Hyperliquid recorded some of their highest-ever single-day liquidation volumes. Other large-cap tokens also dropped sharply, mirroring the plunge in Bitcoin.

Beijing responded to Trump’s tariff threat by saying it was “not afraid” of a trade war and vowing to implement countermeasures if necessary.

Trump struck a more conciliatory note over the weekend, telling markets to “not worry about China” and suggesting that no immediate escalation was planned. The softer tone helped calm sentiment somewhat, but traders remained cautious about unpredictable policy shifts.

The sharp swings in a single day after the announcement underline how closely crypto markets are tracking macroeconomic developments and geopolitical risks.

Once seen as detached from traditional markets, Bitcoin and other digital assets have increasingly behaved like risk assets, reacting swiftly to global shocks and cross-asset flows.