After Trump Threatens Tariffs, Crypto Bulls Lose $500M and Bitcoin Hovers $108K
After Trump Threatens Tariffs, Crypto Bulls Lose $500M and Bitcoin Hovers $108K
Late Friday, U.S. President Donald Trump threatened a 50% tariff on EU goods and a 25% tax on Apple iPhones, crashing markets.
President Trump’s tariff threats cost bullish crypto wagers over $500 million.
Ether, Solana, XRP, and dogecoin all lost heavily when Bitcoin’s price plummeted.
The highest liquidation was a $9.53 million OKX BTC-USDT trade, indicating market volatility and tipping moments.
Bullish crypto bets lost almost $500 million in the previous 24 hours as traders grabbed gains and markets fell after President Donald Trump threatened taxes on European goods and Apple items, spurring liquidations.
Bitcoin, which was trading over $111,000, shot down to $108,600, wiping out intraday gains and shaking market mood.
Futures tracking ether (ETH), Solana’s SOL, xrp (XRP), and dogecoin (DOGE) lost $30 million to over $100 million with BTC.
Bitcoin and Ether futures lost $181 million and $142 million, respectively. Other altcoin liquidations included SOL, DOGE, and XRP, adding $100 million.
CoinGlass data reveals OKX’s $9.53 million BTC-USDT trade was the biggest liquidation.
An exchange liquidates a trader’s leveraged position if they can’t fulfill margin requirements.
Large-scale liquidations may imply panic purchasing or selling. Due to market sentiment overreaction, a cascade of liquidations may signal a market turning point and price reversal.
