Cryptocurrencies experienced a major sell-off due to renewed fears of a trade war, prompting investors to seek safer assets. Bitcoin initially dropped below $110,000 before partially recovering, while Ethereum also saw a significant decline in its value. Other cryptocurrencies like XRP, Doge, and Ada experienced even steeper percentage losses within a 24-hour period. The event resulted in the liquidation of over $19 billion, impacting more than 1.6 million traders, marking it as the largest liquidation ever recorded in crypto history. A substantial portion of these positions were sold within a single hour of trading. The overall cryptocurrency market capitalization decreased from a record-high of $4.30 trillion to $3.74 trillion. Trading volumes remained high at $490.23 billion at market close. Bitcoin specifically fell due to renewed US-China trade tensions, even after recently reaching record highs. Bitcoin closed Friday at $105,505.4, reflecting a 13.15% daily decrease. The market downturn was attributed to investors moving towards less risky investments amid trade war uncertainties.