Imagine waking up to hear that President Trump just dropped an economic bombshell that sent the crypto world into a tailspin. Just when you thought you were safe, a shocking 100% tariff on Chinese goods has sparked a massive flash crash, leaving investors gasping for breath.

On Friday, Bitcoin, which had been trading around $117,000, took a nosedive, plunging below the $110,000 mark — a staggering 12% drop in just 24 hours. Meanwhile, Ethereum (ETH) fared even worse, tumbling 16% and falling below $3,700. Other major players like XRP, Solana, and even fan-favorite DOGE saw their values plummet between 20% to 30%, with some tokens experiencing losses as dramatic as 40%. Can you imagine waking up to see your investment dwindle in mere hours?

The chaos erupted after Trump announced his plans to impose these tariffs in retaliation to China's restrictive export controls on rare earth metals. This dramatic announcement was made on Truth Social, where Trump emphasized the new 100% tariffs would take effect starting November 1. The reaction was instant; Bitcoin lost a staggering $3,000 the moment that post went live.

As the dust settled, the market witnessed a staggering $7 billion in liquidations from traders who had bet against the tide, underscoring the volatility of crypto investments. Prominent trader Bob Loukas likened this crash to the dramatic downturn during the COVID-19 pandemic lockdowns, calling it 'Covid level nukes.'

Investment firms echoed similar sentiments; Ram Ahluwalia from Lumida Wealth commented on the brutal conditions leading to this sharp decline, stating, 'The Trump news combined with overbought conditions made for a disastrous day.' With emotions running high, trader Pentoshi noted that this was one of the worst flushes in history, leaving many, including himself, in significant pain.

The aftermath left altcoins decimated and at levels not seen in over a year, with Zaheer Ebtikar from Split Capital declaring, 'The altcoin complex got absolutely eviscerated.' Traders continue to assess the damage as they navigate this tumultuous landscape.