President Donald Trump’s China tariff threat saw the cryptocurrency market shed more than $500 billion after the total market capitalization nosedived from $4.25 trillion to under $3.75 trillion.
Bitcoin pulled the market down ( BTC), briefly tumbling to $109,683, a near double-digit drop in 24 hours. Ethereum ( ETH) plunged from an intraday high of $4,386 to $3,574 at 5:21 p.m. EST, while XRP fell to $1.58, its lowest since Nov. 29, 2024.
The carnage, meanwhile, left more than 1.42 million traders liquidated and over $9.45 billion in long and short leveraged bets obliterated. At the time of writing (6:21 p.m. EST), more than $6.87 billion in leveraged positions had been wiped out in just one hour, with liquidated longs accounting for $5.56 billion of the total.
Source:Lovinghananews.com
