New York
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Cryptocurrencies plunged in value on Friday in a short but significant flash crash, leaving investors with billions of dollars in losses and highlighting the volatility associated with the industry.
Traders were jolted after President Donald Trump threatened new tariffs on imports from China, sparking a sell-off in risky assets like tech stocks and crypto and a flight to safe havens like gold and silver, which are both trading at record highs.
From bitcoin to meme coins, cryptocurrencies sank as investors sold their holdings and highly-leveraged positions were closed amid the sharp, unexpected downturn.
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