The recent turmoil in the cryptocurrency market has been significantly influenced by U.S. President Donald Trump's announcement of a 100% tariff on Chinese goods.
This decision triggered a severe market reaction, leading to a staggering liquidation of over $19 billion in leveraged positions, marking one of the largest single-day declines in crypto history. Bitcoin and major altcoins like Ethereum and XRP faced steep losses, with Bitcoin alone dropping by more than 10%.
Analysts suggest that while traders attribute the market's downfall to Trump's tariffs, the underlying issue lies in excessive leverage and risk. Major exchanges such as Binance and Coinbase struggled under the pressure of the sell-off, experiencing system strain and latency issues.
The developments between the U.S. and China continue to play a pivotal role in shaping trading behaviors, as investors remain cautious in the wake of this significant economic shift.
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