Billions Wiped Out As Trump Tariffs Spark Renewed Inflation Fears
The post Billions Wiped Out As Trump Tariffs Spark Renewed Inflation Fears appeared on BitcoinEthereumNews.com.
Stock markets are ready for extreme volatility following the weekend crypto sell-off. Roughly $2.2 billion was liquidated from the cryptocurrency market in the last 24 hours following President Donald Trump’s announcement of tariffs on imports from Canada, Mexico, and China, according to data from Coinglass. OMG! Bitcoin, the largest cryptocurrency by market cap, plummeted to a low of $92,500 on Sunday night, according to CoinMarketCap data, after failing to hold above $100,000 as soon as tariff news surfaced. It is currently hovering around $93,000, down 6.5% in the last 24 hours. Bitcoin’s decline, however, was dwarfed by the losses seen in other digital assets. During the same timeframe, Ethereum, Solana, and numerous other altcoins saw their values slashed by double-digits. Ethereum (ETH) plummeted 20% to $2,400, while XRP and Dogecoin (DOGE) each crashed 24%. Cardano (ADA) tumbled 25%, Binance Coin (BNB) shed 15%, and Solana (SOL) fell 15%. The cryptocurrency market cap fell 10% to $3 trillion. The sharp market sell-off marked the largest single-day liquidation event in crypto history. This event surpassed previous major market sell-offs associated with the COVID-19 crisis and the FTX collapse. According to Coinglass, the downturn triggered massive liquidations in the cryptocurrency derivatives market, with over $1.8 billion in long positions wiped out across leading trading platforms and $345 million in short positions. As of the latest data, Ether took the brunt of losses, with a whopping $603 million in liquidations in the past day. Bitcoin wasn’t far behind at $407 million while a combined $435 million in liquidations hit a bunch of other altcoins. XRP saw a hefty $115 million wiped out, while SOL and DOGE clocked in at $85 million and $83 million, respectively. Trump’s New Tariffs May Spark Inflation On February 1, Trump announced new tariffs on imports from Canada, Mexico, and…
Filed under: News - @ February 3, 2025 7:25 pm