Cryptocurrency Market Faces $19 Billion Liquidation Amid Tariff-Induced Panic
The cryptocurrency market experienced a notable downturn on October 31, with a 1.5% decline in global market capitalization, falling to $3.7 trillion. This drop was fueled by substantial long liquidations, totaling nearly $900 million.
Major cryptocurrencies, including Bitcoin, Ethereum, XRP, and Solana, saw price reductions ranging from 0.5% to 1.4%. The Crypto Fear & Greed Index indicated a shift to fear, registering at 29. Additionally, a significant market crash, triggered by a 100% tariff on Chinese goods, resulted in over $19 billion in liquidated positions, marking the largest single-day wipeout since the COVID-19 pandemic.
Amid this turmoil, Bitcoin and Ethereum ETFs faced persistent outflows, while newer ETFs like Solana and HBAR attracted investor interest.
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