In just one hour, as much as $250 million can be liquidated. Bitcoin’s value dropped below $110,000.
In the last hour, Bitcoin prices took a hit after U.S. President Donald Trump made new tariff threats against China. He characterized the Chinese government as “very hostile” and expressed a long-held belief that they have been untruthful.
Here’s a quick summary of President Trump’s remarks on China:
- He stated that China has become “very hostile” regarding their control over rare earth materials.
- “I have always felt that China was lying, and once again, I was proven right,” he added.
- He accused China of “capturing the world” with its “monopoly position.”
- He didn’t expand further on this point.
Amid other critical comments directed at China, Trump chose to revert to a tougher approach, suggesting that he may implement “significant increases in tariffs” on goods from the country.
We’re no strangers to such statements influencing financial markets; they often result in rapid price shifts. This time was no different, especially given the volatility of cryptocurrencies. Bitcoin had reached a record high days prior but had leveled off around $121,300 before the news broke, plummeting by over $10,000 on Binance, hitting lows in the mid-$109,000s. He mentioned a potential 100% increase in tariffs on Chinese goods. Ethereum fell under $3,500, with Solana dropping below $150.
Other altcoins didn’t fare well either; cryptocurrencies like ZEC, MNT, TAO, M, PUMP, LTC, BONK, and PENGU all saw their values decline significantly within hours.
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Consequently, the total sum of liquidated positions surged to $250 million in merely an hour. Daily liquidations approached $600 million, leading to over 155,000 traders facing bankruptcy.
As an update, by 21:30 PM UTC, liquidations exceeded $1 billion.
