Global markets have experienced sharp fluctuations after US President Donald Trump threatened a “significant increase in tariffs” on imports from China.
President Trump said in a post on Truth Social that China plans to impose export restrictions on rare earths and other critical manufacturing components and could impose “unprecedented tax increases” in retaliation.
Following this announcement, both the traditional stock market and the cryptocurrency market plunged. The NASDAQ 100 index fell 2.4%, the S&P 500 index fell 1.7%, and the cryptocurrency market also fell sharply.
Bitcoin (BTC), the largest cryptocurrency by market capitalization, fell 1.94% to $119,005. Ethereum (ETH) fell 4.82% to $4,115, while BNB fell 1.08% to $1,223.
Other notable cryptocurrencies include Solana (SOL), which fell 3.33% to $211, Dogecoin (DOGE), which fell 2.75% to $0.23, and Tron (TRX), which fell 1.36% to $0.33.
Over the past 24 hours, $896 million worth of positions were liquidated, of which over 80% consisted of long positions.
Table showing cryptocurrency market liquidations over the past hour.
*This is not investment advice.
