The decision by U.S. President Donald Trump to impose a 100% additional tariff on China has impacted the cryptocurrency markets. Following the announcement, it was reported that investments worth $19 billion have been wiped out. It is emphasized that this amount is greater than the annual budget of an average African country.
US President Donald Trump had stated that they were considering a significant increase in tariffs on Chinese products due to the restrictions he imposed on the export of rare earth elements. In a statement made on his social media account, Donald Trump announced that as of November 1, the US would impose an additional 100% customs duty on China. Following Trump’s statements, a sharp decline was observed in cryptocurrencies.
After Trump’s statements, investors began to panic sell in the cryptocurrency market. Bitcoin, which was trading at around $122,000 during the day, quickly fell to $102,000. The situation was even more severe for altcoins.
Some major cryptocurrencies returned to their values from a year ago, while the decline rate for some cryptocurrencies listed on Binance reached 90%.
Significant losses were also observed in leveraged trades. In the last 24 hours, positions worth over $10 billion were forcibly closed. The number of users whose positions were closed at a loss approached 1.5 million.
Experts indicate that it will be difficult for the shockwave created in the markets to recover in the short term.
The cryptocurrency markets were shaken after the critical decision announced by US President Donald Trump. According to data obtained from analytical platforms, approximately $19 billion worth of investments vaporized in just the last 24 hours. Experts state that this collapse is recorded as the largest liquidation wave in cryptocurrency history. It is emphasized that the amount in question is more than the annual budget of an average African country.
