Crypto Crash 2025: $19 Billion in Liquidations Make March 2020 Crash Look Small

The crypto market saw its steepest one-day drop in months, falling 9.93 % to $3.73 trillion in market cap as Trump’s 100 % tariff threat on Chinese imports sent shockwaves through risk assets.

Investors rushed to cut exposure as liquidation cascades erased billions within hours and sparked flashbacks to March 2020’s Covid-era panic.

20 times bigger than the Covid crash

Bitcoin is now trading at $111,802, down nearly 8% in the past 24 hours. Ethereum has fallen over 12%, sliding to $3,778. Both assets broke through critical support zones that had previously held steady for weeks.

Altcoins have been hit even harder. Binance Coin (BNB) has tumbled 13%, while Solana and Cardano have crashed over 16% and 20%, respectively. XRP dropped by nearly 14%, now trading around $2.42. Dogecoin, TRON, and other mid-cap tokens also suffered steep declines, confirming a broad-based correction that has spared almost no asset.

this crash could be setting up the next big move for Bitcoin. In his view, the crypto market is entering a key stage before a potential breakout. While many expect the U.S. dollar to weaken, Zeberg thinks it is actually nearing a short-term bottom, which could give risk assets like Bitcoin — a temporary boost.

According to Zeberg, weak non-farm payroll data in the U.S. shows that the economy is losing momentum. That, he says, often creates the right conditions for a final “blow-off” rally, the last strong surge before a major market cooldown.

Zeberg explained that most of the biggest crypto gains come during this final vertical phase, when prices rise sharply and fear of missing out (FOMO) takes over

However, he also warned that this period doesn’t last long. Once the dollar starts to strengthen again, it could trigger another correction across equities and crypto.

Market analyst Michael van de Poppe says Bitcoin’s next move depends on whether it can hold above its 20-week moving average, currently near $112,000. If it stays above this level and begins to rebound, he says this drop could mark the final capitulation phase, similar to what happened during the COVID-19 crash and the FTX collapse.

A strong recovery from this zone could confirm Zeberg’s view that the market still has one last major rally left before the cycle peaks.