## 1. What happened on October 10 and why is the market not rising On October 10, 2025, the crypto market experienced the largest liquidation in its recent history: nearly 400 billion dollars in value vanished, with over 19 billion liquidated in derivatives and around two million accounts forced to close, many of which were still in profit just minutes before. The visible trigger was an explosive combination: tariff announcements from Donald Trump that rekindled fears of a trade war with China and an over-leveraged market that lacked sufficient liquidity to absorb the wave of sales.[2][4][5][6]
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