The crypto market is crashing today primarily due to U.S. President Donald Trump's announcement of a 100% tariff on Chinese imports starting November 1, 2025, which has sparked fears of a full-blown trade war with China. This geopolitical tension triggered panic selling across global markets, hitting Bitcoin, Ethereum, Dogecoin, and other cryptocurrencies hard. Bitcoin dropped from over $122,000 to as low as around $104,000 in 24 hours, Ethereum fell to around $3,400, and Dogecoin dropped below $0.20. The tariff announcement destabilized market sentiment, causing over $19 billion in leveraged positions to be liquidated, marking the largest liquidation event in crypto history and wiping out more value than previous crashes like the COVID-19 crash and the FTX bankruptcy. Additionally, issues with major exchanges like Robinhood, Coinbase, and Binance, as well as automatic liquidation of collateral tied to cross-margined positions, amplified the crash. Other contributing factors include increased market anxiety from recent high-profile hacks, uncertainty from Federal Reserve Chair Jerome Powell's silence on upcoming rate decisions, strong U.S. dollar and bond yields, institutional ETF outflows, and general market fragility due to over-leverage and systemic risks in crypto infrastructure. Despite the sharp sell-off, there is some institutional accumulation and potential for recovery if tensions ease and regulatory clarity emerges. In summary, Trump's tariff escalation against China combined with leveraged liquidations, exchange issues, regulatory and macroeconomic uncertainty, and hacker incidents have driven today's major crypto market crash.