Yes

>>A proposed 100% tariff on Chinese goods led to a significant market downturn, resulting in the loss of $20 billion and the liquidation of approximately 1.6 million cryptocurrency traders.

A proposed 100% tariff on Chinese goods led to a significant market downturn, resulting in the loss of $20 billion and the liquidation of approximately 1.6 million cryptocurrency traders.

crypthub

about 24 hours ago

Market Downturn and Liquidations

Over 1.66 million crypto traders experienced liquidations in the last 24 hours, resulting in a staggering $19.33 billion wiped out from market positions. Bitcoin and Ethereum led the losses, totaling $5.38 billion and $4.43 billion, respectively. This event represents one of the most severe deleveraging occurrences seen this year, driven by escalating macro uncertainty.

Tariffs and Market Impact

The sell-off was primarily triggered by President Trump's announcement of planned 100% tariffs on Chinese imports. This action sent shockwaves through risk markets, causing Bitcoin to drop from above $122,000 to around $113,600. A potential reversal of these tariffs could potentially spark a short-term market recovery.

Whale Activity and Government Shutdown

A large crypto trader (whale) reportedly profited significantly from shorting Bitcoin and Ethereum before the crash, potentially influencing the market's volatility. Simultaneously, President Trump's approval rating has declined sharply amid a government shutdown, with most traders predicting the shutdown will persist. Senator Warren is raising concerns about the ethical implications of Trump’s involvement with crypto.