Trump's New Duties Cause Crypto Market Collapse
Donald Trump's threat to impose new 100% tariffs on China led to a record crypto market collapse, with over $18 billion in liquidations.
- Bitcoin: $5 billion in liquidations, price fell to $10,300, then rebounded to $11,160.
- Ethereum (ether): $4 billion loss, price slipped from $4,365 to $3,742.
- Solana: over $2 billion loss, price fell nearly 20% to $178.
CoinGlass described it as "the largest liquidation event in the history of cryptocurrencies."
The crypto market panic coincided with a sharp decline in traditional financial indices, including the Nasdaq and S&P 500, which recorded their worst day in six months.
Author's summary: Trump's tariffs cause crypto collapse.