Bitcoin plunged from $121,000 to $109,000 in about seven hours Friday, triggering nearly $20 billion in liquidations across the crypto market, mostly from long positions.

Ethereum fell to $3,686 and Solana to just above $173, while stocks also tumbled, with the Nasdaq down 3.6%, the S&P 500 2.7%, and the Dow 1.9%.

The sell-off followed President Trump’s cancellation of a planned meeting with China’s Xi Jinping and his announcement of a major tariff increase, heightening U.S.-China tensions.

By the weekend, markets began recovering, with Bitcoin rising 5% to $115,100 and Ethereum up 10.5% to $4,138, as analysts attributed the moves to short-covering and a geopolitical overreaction rather than structural market issues, Decrypt has reported.

Major altcoins, including Solana, BNB, and Dogecoin, also surged between 11% and 16.5% during the relief rally.