The cryptocurrency market experienced $200 million in liquidations within a 15-minute window as rapid price swings triggered automated position closures across major exchanges.

Recent flash crashes have created chain reactions of liquidations throughout the market, amplifying short-term volatility as leveraged positions get forcibly closed when asset prices move against traders’ bets.

The sell-off followed President Donald Trump’s proposal to sharply raise tariffs on Chinese imports, escalating trade tensions amid ongoing disputes over key materials and export controls.