Crypto Market Plunges 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 saw substantial drops, with Solana falling 16%, XRP 14%, Ethereum 12%, Bitcoin 9%, and Dogecoin 22% as traders rapidly unwound leveraged positions.
- Solana: -16%
- XRP: -14%
- Ethereum: -12%
- Bitcoin: -9%
- Dogecoin: -22%
It was "likely the largest liquidation event, in $ terms, in crypto history," according to one trader.
Trump's decision was in response to China's "extraordinarily aggressive" stance after introducing sweeping export controls on rare earths, crucial for products like cars and smartphones.
Author's summary: Crypto market drops over 10% after Trump's tariff announcement.
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