U.S. President Donald Trump’s threat to impose an additional 100% tariff on Chinese imports set off a massive cryptocurrency sell-off late Friday, exposing the high-risk leverage that has built up in the digital asset market.

Major tokens including bitcoin, ether, and solana were among the hardest hit, with total liquidations reaching $18.28 billion as of 3:47 p.m. ET, according to data from CoinGlass. The crypto slump came alongside a broader market downturn — the Nasdaq and S&P 500 both posted their sharpest single-day drops in six months.

Over the past 24 hours, roughly $5 billion worth of bitcoin, $4 billion of ether, and $2 billion of solana were liquidated, CoinGlass data showed. The sudden wave of sell-offs underscores crypto’s vulnerability to geopolitical shocks and macroeconomic uncertainty.