A massive $9.45 billion in leveraged cryptocurrency trades were wiped out, leading to the liquidation of over 1.42 million traders.

Market Reaction to Trade Tensions

President Donald Trump’s threat of tariffs on China significantly impacted the cryptocurrency market. The market experienced a substantial decline, losing over $500 billion in value.

Capitalization Decline

The total market capitalization decreased considerably, moving from $4.25 trillion to below $3.75 trillion.

Bitcoin's Impact

Bitcoin (BTC) played a key role in this market downturn. The price briefly reached $109,683, reflecting a near double-digit percentage drop within a 24-hour period.

Ethereum's Performance

Ethereum (ETH) also suffered a decline, falling from an intraday high.