Crypto Sees More Than $6 Billion in Liquidations
(Bloomberg) — Cryptocurrencies tumbled after US President Donald Trump said he would impose an additional 100% tariff on China and export controls on software, with more than $6 billion in positions liquidated within the past hour.
The wipeout is the largest since at least early April. Bitcoin, the largest cryptocurrency fell more than 12% after the announcement was made on Trump’s Truth Social platform, before paring the decline. Bitcoin, which recently traded at around $112,000, had reached an all-time high of more than $126,250 on Monday.
“A renewed trade war between China and the US erupted on Friday, causing uncertainty in markets and a rout in risk assets,” said Ravi Doshi, co-head of markets at prime broker FalconX. The…
