{
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    "date": "2025-10-13T09:54:28",
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    "modified_gmt": "2025-10-13T02:54:28",
    "slug": "bitcoin-ethereum-rebound-following-largest-single-day-wipeout-in-crypto-history",
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        "rendered": "Bitcoin, Ethereum Rebound Following ‘Largest Single-Day Wipeout in Crypto History’"
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        "rendered": "<div>\n<div>\n<h4 color=\"#333\">In brief<\/h4>\n<ul>\n<li>Bitcoin slid from $121,000 to $109,000 in about seven hours Friday. Ethereum hit $3,686 and Solana hovered above $173, per CoinGecko.<\/li>\n<li>Liquidations neared $20 billion for the day, including roughly $16.7 billion in longs, after an hour that wiped almost $7 billion.<\/li>\n<li>Stocks fell alongside crypto, with the Nasdaq falling 3.6%, S&#038;P 500 down 2.7%, while the Dow slipped 1.9%.<\/li>\n<\/ul>\n<\/div>\n<p><span>The crypto market has begun to claw back losses following a sell-off that resulted in one of the worst liquidation events in its history.<\/span><\/p>\n<p><span>On Friday, Bitcoin fell from $121,000 to as low as $109,000 over a seven-hour period, erasing all gains made from an early \u201c<\/span><a href=\"https:\/\/decrypt.co\/343866\/red-uptober-liquidations-1-billion-bitcoin-ethereum-solana-erase-gains\" target=\"_blank\"><span>Uptober<\/span><\/a><span>\u201d rally. Ethereum dipped to a low of $3,686 while Solana touched just above $173, CoinGecko data shows.<\/span><\/p>\n<p><span>The volatile trading session triggered a \u201cflash crash of liquidations,\u201d wiping almost $7 billion across all markets within one hour, with $5.5 billion coming from longs, Sean Dawson, head of research at on-chain options platform Dervie, told <\/span><i><span>Decrypt<\/span><\/i><span>.<\/span><\/p>\n<p><span>When the dust settled, nearly $20 billion in liquidations across all digital assets had been wiped out in a single day on Friday, with $16.7 billion in long positions making up the majority, CoinGlass data shows.<\/span><\/p>\n<p><span>Overall, it marked \u201cthe largest single-day wipeout in crypto history,\u201d Dawson said.<\/span><\/p>\n<p><span>Stocks were also hard hit, with the Nasdaq dipping 3.6%, the S&#038;P 500 down 2.7% and the Dow falling 1.9%.\u00a0<\/span><\/p>\n<p><span>The sell-off in stocks and crypto followed President Trump&#8217;s announcement that he was canceling a planned meeting with Chinese President Xi Jinping and had ordered a \u201cmassive increase\u201d in tariffs on Chinese imports\u2014a move he acknowledged could be \u201cpotentially painful\u201d for Americans.<\/span><\/p>\n<p><span>Trump\u2019s tariff warning came after Beijing moved to curb exports of rare earths and critical minerals, escalating tensions between the world\u2019s two largest economies.\u00a0<\/span><\/p>\n<p><span>By the weekend, China appeared to <\/span><a href=\"https:\/\/www.reuters.com\/world\/china\/china-says-its-rare-earth-export-controls-are-legitimate-2025-10-12\/\" target=\"_blank\"><span>soften its stance<\/span><\/a><span>, with analysts suggesting the market rout may have been fueled by a brief geopolitical overreaction.<\/span><\/p>\n<p><span>\u201cWhat we\u2019re seeing is a textbook relief rally,\u201d Dean Serroni, CEO of crypto investment manager Merkle Tree Capital, told <\/span><i><span>Decrypt<\/span><\/i><span>.<\/span><\/p>\n<p><span>\u201cEthereum\u2019s 11% surge is pure short-covering and mean reversion after the market overreacted to Trump\u2019s tariff bombshell,\u201d he said.<\/span><\/p>\n<p><span>Serroni pointed to \u201cthin\u201d selling pressure amid a reset to open interest across derivatives markets after volatility spiked on \u201coverleveraged derivatives traders.\u201d<\/span><\/p>\n<p>Bitcoin is up 5% on the day to $115,100 while Ethereum is up 10.5% to $4,138, CoinGecko data shows. Meanwhile, major altcoins including Solana, BNB, and Dogecoin are up 12%, 16.5% and 11.4%, respectively.<\/p>\n<p><span>\u201cThis rout was a geopolitical knee-jerk, not a structural break,\u201d Serroni said.<\/span><\/p>\n<div>\n<h3>Daily Debrief Newsletter<\/h3>\n<p>Start every day with the top news stories right now, plus original features, a podcast, videos and more.<\/p>\n<\/div>\n<\/div>",
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        "rendered": "<p>In brief Bitcoin slid from $121,000 to $109,000 in about seven hours Friday. Ethereum hit $3,686 and Solana hovered above [&hellip;]<\/p>",
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