$20B in Liquidations Mark Crypto’s Worst Day Ever

[chainsniff]

The October 8 market crash triggered by fears of renewed U.S.-China trade tensions led to the largest 24-hour liquidation event in crypto history, totaling $20 billion.

Perpetual futures markets were hit hardest as thin liquidity and excessive leverage amplified the sell-off. Some altcoins lost over 99% of their value in the wipeout.

Bitcoin, however, held firm above $100,000, proving more resilient than the broader market in the face of panic-driven liquidations.

[Nahid10]

Massive liquidations show how leverage can magnify losses when market sentiment shifts.

[EmTeam]

Events like this reset the market, often paving the way for healthier future rallies.