Cryptocurrency analysis firm QCP Capital has assessed the sharp market volatility following US President Donald Trump's imposition of 100% tariffs on Chinese imports. The tensions shook global markets, causing the largest cryptocurrency liquidation in history, the company said. According to a report by QCP Capital, Bitcoin (BTC) briefly fell to $102,000 before recovering to $112,000. However, $19 billion worth of leveraged positions were liquidated in the process, marking the largest liquidation in crypto history. The largest exchange-wide fluctuations occurred on Binance. According to the report, the USD price collapsed to $0.65, while wBETH traded at a 90% discount to its ETH counterpart. BNSOL also saw its price drop by over 80%. Other major exchanges did not experience such volatility. QCP Capital stated that these extreme price fluctuations on Binance could be a sign of a possible coordinated attack. The company noted that the exchange recently announced system updates for these three assets, potentially creating a potential “window of vulnerability.” The market crash came after a sudden surge in tensions in US-China relations. Trump accused China of “trying to hold the world hostage,” while the White House announced a 100% tariff on all Chinese imports and new export restrictions on critical software. China is reportedly preparing to impose export restrictions on rare earths and other industrial inputs starting November 1st. Following these developments, global stock markets also plummeted: the Nasdaq fell 3.5%, and the S&P 500 fell 2.7%. Short-term volatility in crypto markets skyrocketed; BTC's one-week implied volatility (ATM) peaked at 98 before falling back to 50 as the market partially stabilized. Later in the day, US Vice President JD Vance's statement that “we are open to reasonable negotiations with China” eased some of the selling pressure ahead of the Asian session. However, QCP Capital warned that liquidity remains fragile, policy risk remains high, and investors remain cautious. “Markets may stabilize for now, but China’s response will determine direction in the coming weeks,” the company said. *This is not investment advice.