Following the news of high customs duties from the US, the cryptocurrency market experienced a major decline, led by Bitcoin.
US President Donald Trump’s announcement of 100% tariffs on China sent shockwaves through the cryptocurrency market. Following the decision, investor panic and sell-offs deepened, sending the price of Bitcoin (BTC) plummeting to $102,000. While there was a partial recovery later, losses across the market were significant.
Including its recent recovery, Bitcoin, the leading cryptocurrency, fell 6.78% to $113,285 during the day. Its total market capitalization reached $2.25 trillion.
Ethereum (ETH), on the other hand, fell by 10.83% to $3,884, bringing its weekly loss to over 14%.
The market’s leading altcoins also failed to escape sharp sales:
A total of $8.99 billion worth of positions were liquidated in the last 24 hours. $7.53 billion of these liquidations came from long positions and $1.47 billion from short positions.
