Massive Crypto Sell-Off Triggered by Trump's Unbelievable Tariff Threat!
In an unexpected twist that sent shockwaves through the financial world, President Donald Trump’s suggestion to slap a staggering 100% tariff on imports from China unleashed a tsunami of panic in the cryptocurrency market. This explosive move didn’t just ripple; it triggered the largest liquidation event in crypto history, wiping out billions in mere hours.
Late Friday saw digital currencies like Bitcoin, Ether, and Solana plummet, with total liquidations skyrocketing to an eye-watering $18.28 billion by 3:47 p.m. ET, according to data from CoinGlass. To put it in perspective, that's more than the GDP of some small countries disappearing into thin air! The day wasn’t just a rough ride for crypto enthusiasts; it also mirrored a broader market downturn, as the Nasdaq and S&P 500 experienced their steepest declines in six months.
Within 24 hours, Bitcoin alone suffered about $5 billion in liquidations. Ether didn’t escape either, facing losses of around $4 billion, while Solana’s value plunged by approximately $2 billion. This chaos left investors reeling, grappling with the fallout from what CoinGlass dubbed the “largest liquidation event in crypto history.”
Bitcoin, which was trading at around $111,616.20 at 3:45 p.m. ET, was initially down nearly 10% over five days, hitting a low of $103,000 earlier in the day. Ether fell from a price of $4,365.63 to $3,742.88—a staggering 14.2% drop. Solana faced a nearly 20% plunge, dropping from $223.10 to $178.72 during the same time frame.
It’s fascinating to think how much the crypto landscape has evolved, especially since Trump took office. Just months ago, the former president went from dismissing Bitcoin as “based on thin air” to engaging with crypto enthusiasts and even launching his own meme coin. His recent executive order that allowed digital assets to be included in 401(k) plans pushed Bitcoin to a record high of $124,000 just last week!
However, amidst the excitement, trade tensions between Washington and Beijing have once again escalated, with China tightening its export restrictions on rare earth minerals. This means the economic dance between the two superpowers is far from over, and crypto investors better buckle up for a wild ride ahead.
