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Cryptocurrency
Published October 11, 2025 10:49pm EDT
Crypto bloodbath wipes out billions, but signs of stabilization emerge

The crypto market was rocked by a dramatic plunge Saturday, marking one of the sharpest single-day drops in recent history and wiping out billions in value, one expert told FOX Business.

The sudden collapse followed the U.S. government’s announcement of new tariffs on Chinese tech imports, a move that rattled investors and triggered panic.

Joshua Duckett, director of investigations at a crypto forensic firm, said traders had been forced to liquidate positions, sending prices into free fall.

"Most people don’t invest more than they can lose, but in the crypto industry as a whole, in terms of leveraged trading, it’s in the billions," Duckett explained.

"The amounts that people have lost are varying. Some people lost hundreds, thousands, millions, the total in terms of liquidations extends into the billions."

Bitcoin, the largest cryptocurrency, fell below $110,000, while Ethereum and other major tokens lost more than 20% of their value within hours.

Traders who had borrowed heavily to bet on rising prices were caught off guard, triggering a wave of forced liquidations that accelerated the crash.

"The crypto market reacted in a more extreme way than the stock market because it’s 24/7." Duckett said. "You’ll see the stock market react in a bad way. The crypto market reacted in a more extreme way."

"There was a market downturn in terms of multiple cryptocurrencies that have dropped in value over the past 24 hours, primarily due to market news, as well as the effects of said news on people that are trading in the crypto markets," explained Duckett.

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