Monster Bitcoin crash alert as BTC erodes $146 billion in a day
Bitcoin’s (BTC) losing streak deepened on October 17, with the flagship cryptocurrency plunging to just above $104,000 and shedding almost $150 billion in market value in less than 24 hours. The decline pushed BTC’s market capitalization from $2.216 trillion on October 16 to $2.07 trillion, raising fears that the $100,000 threshold could be tested in the coming days. The latest drop was triggered by a renewed escalation in U.S.–China trade tensions. President Trump’s threat of 100% tariffs on Chinese imports sent shockwaves across global risk assets, driving investors toward gold while draining liquidity from crypto. Spot Bitcoin ETFs recorded $536 million in outflows on October 16, the largest single-day withdrawal since August, underscoring that even institutional players are retreating in the face of heightened uncertainty. Derivatives markets added fuel to the fire. More than $1.15 billion in leveraged Bitcoin longs were liquidated within 48 hours, cre...