Bitcoin plunges after Trump tariff announcement triggers mass sell-off
Just a week ago, Australian investors that piled into cryptocurrency markets were cheering another record for bitcoin. Fast forward to today, and those same highly leveraged traders are reeling after what has been described as the largest liquidation event in crypto history.
The violent reversal late last week was triggered by US President Donald Trump imposing an additional 100 per cent tariff on China and export controls on software. Bitcoin plunged 12 per cent to below $US110,000 over the weekend, just days after hitting a record high, while other major tokens such as Ether, Solana and XRP whipsawed.
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