Just days after hitting a new all-time high, the crypto market suffered its largest liquidation in its history last Friday. In the space of a few hours, half a trillion dollars was wiped from the the market, with bitcoin alone losing more than $200 billion in value – all from a single post on social media.

The sell-off began when Donald Trump announced on Truth Social that the US would impose new tariffs of 100 per cent on Chinese imports from 1 November. The US president’s threat came in response to Chinese controls on rare earth minerals, triggering market wide turmoil amid fears of an escalating trade war between the world’s two biggest economies.

More than 1.6 million traders were hit by the chaos, according to figures from crypto analytics firm CoinGlass, as all of the top crypt

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