Crypto Market Plunges 10% After Trump's Tariff Announcement
The crypto market experienced a significant decline of over 10% following US President Donald Trump's announcement of 100% tariffs on Chinese exports, resulting in $19 billion in liquidations.
Major cryptocurrencies such as Solana, XRP, Ethereum, Bitcoin, and Dogecoin saw substantial drops, with Solana sliding 16%, XRP 14%, Ethereum 12%, Bitcoin 9%, and Dogecoin 22% as traders rushed to unwind leveraged positions.
It was "likely the largest liquidation event, in $ terms, in crypto history," according to one trader.
Data from CoinGlass revealed that most of the $19 billion in liquidations came from long positions as markets turned risk-off.
Trump's actions were in response to China's "extraordinarily aggressive" stance after unveiling sweeping export controls on rare earths crucial to products from cars to smartphones.
Author's summary: Crypto market plunges 10% after Trump's tariff announcement.
- Solana: -16%
- XRP: -14%
- Ethereum: -12%
- Bitcoin: -9%
- Dogecoin: -22%
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