The cryptocurrency market staged a strong recovery on Oct. 12 after one of the largest liquidations in its history. The bounce came just days after a wave of panic selling wiped out billions across global markets, sparked by U.S. President Donald Trump’s announcement of a 100% tariff on Chinese imports.
In an attempt to calm investors, Trump posted on Truth Social:
“Don’t worry about China, it will all be fine! Highly respected President Xi just had a bad moment… The U.S.A. wants to help China, not hurt it!”
His comments helped restore confidence and triggered a sharp turnaround in the crypto market.
According to CoinGlass, total market liquidations dropped to $772 million in the last 24 hours, down sharply from the estimated $19 billion in forced selling seen on Oct. 10 — a figure some analysts say could be closer to $300–$400 billion including unreported data.
Major Cryptos Rally
-
Bitcoin (BTC) rose 1.9% to $114,184
-
Ethereum (ETH) surged 8.2% to $4,129
-
Solana (SOL) gained 6.3%
-
XRP climbed 2.4%
-
Dogecoin (DOGE) jumped 7.6%
The total crypto market cap reached $3.85 trillion, up nearly 10% from two days earlier.
Exchanges Recover After System Strain
The sudden crash earlier in the week had pushed several crypto exchanges to their limits. Binance, Bybit, and OKX experienced delays and brief outages as billions in positions were liquidated. By Saturday, services had returned to normal, and both Binance and Coinbase confirmed that user funds remained secure.
CoinGlass reported the largest 24-hour liquidations were on:
-
Binance: $256 million
-
Bybit: $156 million
-
Hyperliquid: $150 million
Altcoins Lead the Comeback
Smaller altcoins also posted strong gains:
-
Chainlink (LINK) and Avalanche (AVAX) each rose about 7%
-
Zcash (ZEC) added another 2%, continuing its momentum from the crash
Trading volume spiked to $387.5 billion in 24 hours, with open interest climbing 7.1% to $165 billion — a sign that traders are returning to the market.
Featured image from: fortune.com