After cryptocurrencies reaped major gains due to president Donald Trump's policies, threats to ramp up tariffs on China triggered the largest cryptocurrency liquidation in history, per data analysis platform CoinGlass. Angel Garcia/Bloomberg/Getty Images

President Donald Trump’s threat to impose an additional 100% tariff on imports from China sparked a massive cryptocurrency sell-off late Friday that exposed risky leverage in the space.

Digital currencies bitcoin, ether and solana were among the most affected cryptocurrencies, bringing total liquidations to $18.28 billion as of 3:47 p.m. ET, according to data analysis platform CoinGlass . The losses for cryptocurrencies come amid a broad sell-off, as the Nasdaq and S&P 500 on Friday saw their steepest declines in six months.

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