President Trump's recent tariff threats against China have led to a significant sell-off in both cryptocurrency and equity markets. Bitcoin's price dropped below $119,000, while Ethereum and Solana each fell by approximately 5%. CoinGlass data indicates that around $773 million in liquidations occurred over the past 24 hours, predominantly affecting long positions. The impact of the tariff threats extended to traditional markets, with the Nasdaq, S&P 500, and Dow Jones indices all experiencing declines. Traders are de-risking in anticipation of potential escalations in the trade conflict.