Bitcoin remains below record highs one year after $19 billion crash

One year after a massive market crash, Bitcoin continues to trade approximately 34% below its all-time high of $126,080. The volatility was triggered in October 2025 when U.S. President Donald Trump announced a 100% tariff on Chinese imports.

That announcement led to the liquidation of over $19 billion in leveraged positions, affecting an estimated 1.6 million traders. During the event, the Ethena stablecoin, USDe, briefly dropped to a value of $0.65. In response to the market turmoil, Binance reportedly paid more than $283 million to affected users.