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>>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

1 day 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.