The digital asset market experienced its largest liquidation cascade on October 10, dubbed crypto’s Black Friday, wiping out over $19 billion in leveraged positions within 24 hours.

President Trump’s announcement of a proposed 100% tariff on Chinese imports triggered a global sell-off, with bitcoin falling to $106,560, ether to $3,551, and solana to $174 in a 25-minute window.

Total perpetual futures open interest dropped 43% to $123 billion, with $16 billion of the $19 billion total coming from long liquidations, highlighting the impact of high leverage without stop-losses.

Market depth collapsed by more than 80% as prices breached key liquidation levels, leading to a market-wide stress event that exposed vulnerabilities in liquidity, collateral, and oracle systems.

CoinDesk Reference Rates like CCIX and CADLI acted as stabilizing mechanisms during the volatility, providing a global consensus-based fair value to distinguish between genuine repricing and local dislocation.

The industry must internalize the lessons from Black Friday, focusing on better risk controls, unified collateral standards, real-time transparency, and exchange architecture to build a more resilient market capable of absorbing future shocks.

Read more at Yahoo Finance: Crypto’s Black Friday