Shocking! $18 Billion Evaporated: The Truth Behind the 'Tariff Storm' That Hit the Cryptocurrency Market
I was truly surprised when I heard this news! 😱 It's no exaggeration to say this was one of the worst days in cryptocurrency history. It's reported that President Donald Trump's sudden announcement of a 100% tariff on Chinese products has caused immense ripples in the crypto market. The liquidation of over $18 billion in positions is an enormous scale. Let's delve into this situation together!
Hello everyone! Today, I came across truly shocking news that I want to share with you all. I recently saw a report about an unprecedented large-scale liquidation event occurring in the cryptocurrency market. I became genuinely interested after seeing these reports. What exactly happened?
The Unexpected 'Tariff Storm' ⚡️
The incident began with President Donald Trump's announcement of a new tariff policy. The White House revealed plans to impose a 100% tariff on all Chinese products as a retaliatory measure against China's control over rare earth exports. This tariff is scheduled to go into effect on November 1st. This sudden announcement sent immense shockwaves through the cryptocurrency market.
$18 Billion Evaporated: The 'Great Liquidation' of the Crypto Market 🌊
Immediately after this announcement, the cryptocurrency market experienced a virtual 'great crash.' According to Coinglass data, leveraged positions worth up to $19.2 billion, or over 26 trillion Korean won, were liquidated at one point. This is reported to be the largest loss on a single trading day in cryptocurrency history. These figures are truly difficult to believe.
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Bitcoin and Ethereum Were Not Spared 📉
Major cryptocurrencies were not exempt from this shock. Bitcoin (BTC) fell by over 10%, briefly dropping below $110,000 before rebounding to the $112,000 mark. Other altcoins, besides Bitcoin, experienced even steeper declines. Ethereum (ETH) dropped by nearly 15%, and other major coins like XRP also suffered significant blows.
Trump Family's 'WLFI Token' Also Hit 😥
This incident did not stop at a general market decline. Particularly noteworthy is the news that the 'WLFI token,' reportedly linked to the Trump family, experienced massive liquidations after its launch on Labor Day. This suggests that the tariff announcement had a direct impact on specific cryptocurrency projects.
What This Incident Implies for Us? 🤔
This news brought a lot of thoughts to mind. It once again highlighted how sensitively the cryptocurrency market reacts to global political and economic situations. Especially, we should not overlook the fact that unexpected variables can arise whenever new technologies and innovations emerge. We need to consider together how future shifts in international relations will affect the crypto market and how investors should prepare.
Many individuals must have suffered difficulties due to this incident. I sincerely hope the market stabilizes quickly and that a more predictable and stable trend continues going forward. What are your thoughts on this news? Please feel free to share your opinions in the comments!