Crypto Market Plunges Amid Trump's China Tariffs
The crypto market experienced a significant decline of over 10% following the announcement by US President Donald Trump of 100% tariffs on Chinese exports, resulting in $19 billion in liquidations.
Major cryptocurrencies saw substantial drops: Solana fell by 16%, XRP by 14%, Ethereum by 12%, Bitcoin by 9%, and Dogecoin by 22% as traders rapidly unwound their leveraged positions.
Data from CoinGlass indicated that the majority of the $19 billion in liquidations originated from long positions as the markets shifted towards a risk-off stance.
One trader estimated that it was "likely the largest liquidation event, in $ terms, in crypto history."
Trump's decision was made in response to China's "extraordinarily aggressive" stance after unveiling sweeping export controls on rare earths, crucial for products ranging from cars to smartphones.
Author's summary: Crypto market plunges 10% due to Trump's tariffs.
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