According to TD Cowen analysts, the recent massive drop, which resulted in liquidations of approximately $19 billion, demonstrates that the cryptocurrency market remains extremely volatile, but also proves that the ecosystem is resilient enough to weather such shocks. “While the recent incident caused serious financial hardship for many investors, what impressed us most was how well the infrastructure performed. While open interest was halved, most crypto exchanges continued operating with minimal disruption,” the analysts wrote. Earlier this month, the overall cryptocurrency market plunged by more than 10% after US President Donald Trump announced he would impose 100% tariffs on Chinese imports. Initially totaling $10 billion, liquidations quickly swelled to nearly $20 billion. TD Cowen argued that Bitcoin and Ethereum, in particular, emerged relatively unscathed from this crash. According to analysts, “While less reputable tokens virtually disappeared, Bitcoin only fell 15% to its bottom and closed the day down 8%.” Company analysts also maintained their optimistic expectations for Bitcoin, predicting that the price could reach $141,000 by December. Furthermore, the TD Cowen report noted that Bitcoin's global adoption continues unabated. For example, in Japan, the number of digital asset account holders has quadrupled to over 7.9 million. *This is not investment advice.