$770M Liquidations as Trump Threatens More Tariffs on China
Cryptocurrency Market Impacted by Trump-China Tensions
- The cryptocurrency market experienced significant losses as Donald Trump's tariff threats on China affected investor positions.
- Total liquidations exceeded $770 million in the past 24 hours, with $613 million from long positions.
- Ethereum led with $233.32 million liquidated, followed by Bitcoin with $179.93 million.
- Nearly 200,000 traders were impacted, including a major BTC/USD liquidation of $11.61 million on Hyperliquid.
Trump-China Tariff Escalation
- Donald Trump threatened increased tariffs on China, citing control over rare earths and hostility.
- China holds a 69% share of global rare earth production, influencing key industries like EV batteries and tech.
- The US is considering various countermeasures, affecting both crypto and stock markets with notable losses.
Prior to Trump's statement, altcoins exhibited strong performance, with Litecoin surging by 15% and Zcash reaching new highs at $230.
Investors should monitor macroeconomic developments and tariff negotiations as they continue to impact all markets.