The crypto market roared back to life on Oct. 12 after U.S. presidential candidate Donald Trump attempted to calm investors, saying they should not “worry about China” following his announcement of a 100% tariff on Chinese imports earlier this week, a move that had sparked panic across global markets.
After a $19 billion liquidation wipeout on Oct. 10, which some analysts say may have been as large as $300 billion to $400 billion when unreported data is included, entiment flipped sharply positive.
According to CoinGlass, total market liquidations in the last 24 hours have cooled down to $772 million, signaling that the worst of the forced selling may have passed.
Bitcoin (BTC) rose 1.9% in 24 hours to trade around $114,184, while Ethereum (ETH) jumped 8.2% to $4,129. Solana (SOL) gained 6.3%, XRP climbed 2.4%, and Dogecoin (DOGE) surged 7.6%, marking one of the strongest one-day recoveries of 2025.
The total crypto market capitalization stood at $3.85 trillion, up nearly 10% from the lows recorded just two days earlier.
Trump’s reassurance sparks a relief rally
Trump sought to ease investor concerns, posting on Truth Social,
“Don’t worry about China, it will all be fine! Highly respected President Xi just had a bad moment. He doesn’t want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!! President DJT”
Data from CoinGecko showed that 24-hour trading volume soared to $387.5 billion, even as open interest rose 7.1% to $165 billion, indicating renewed speculative activity after Thursday’s collapse.
Major exchanges stabilize after system stress
The earlier crash had pushed exchanges to their limits. Binance, Bybit, and OKX all reported system strain, delayed orders, or short outages as billions in positions were forcibly closed. However, by Saturday, services had normalized. Binance and Coinbase confirmed that user funds were safe and all platforms had resumed normal trading.
CoinGlass data showed Binance accounted for $256 million of total liquidations over the past 24 hours, followed by Bybit ($156 million) and Hyperliquid ($150 million).
Altcoins lead recovery as traders re-enter
Beyond Bitcoin and Ethereum, altcoins showed broad-based recovery.
Chainlink (LINK) and Avalanche (AVAX) gained around 7%, while privacy coin Zcash (ZEC) — which had surged during the crash continued its run, adding another 2% to trade near $253.
Emerging tokens such as ASTER (+13%), XPL (+10%), and PUMP (+9.5%) saw renewed retail inflows, suggesting speculative appetite remains alive despite macro uncertainty.
