The bitcoin price plunged nearly $4,000 in a sharp evening sell-off after President Donald Trump announced plans to impose sweeping new tariffs on Europe on Saturday.
Around 6 p.m. EST, massive amounts of selling hit the crypto market triggering a wave of forced liquidations across the bitcoin price and altcoins.
The world’s largest cryptocurrency fell from around $95,500 to an intraday low of $91,935 in a span of roughly two hours, according to Bitcoin Magazine Pro data.
The sudden drop wiped out more than $500 million in leveraged long positions in just 60 minutes, with total crypto long liquidations topping $525 million during the same period, according to market data.
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