- Major cryptocurrencies experienced significant declines, with Bitcoin falling 8% to $93,100 during Asian trading hours.
- Ethereum showed the steepest decline among major cryptocurrencies, dropping 20% to $2,500.
- Over $1.3 billion in long positions were liquidated in 12 hours, with Ethereum and Bitcoin positions accounting for most losses.
- Market turbulence coincides with President Trump’s announcement of 25% tariffs on Canada and Mexico.
- Global markets brace for potential trade war impacts as EU promises firm response to any tariff measures.
Cryptocurrency markets faced severe downward pressure as rising global trade tensions triggered a widespread selloff during Asian trading hours. The decline affected all major digital assets, with Bitcoin dropping 8% to trade above $93,100, according to CoinDesk Indices.
Ethereum, the second-largest cryptocurrency by market capitalization, experienced an even steeper decline, plummeting 20% to $2,500. Other major cryptocurrencies also suffered significant losses, with Solana’s SOL falling 13% to $184 and XRP declining 28% to $2.
The market downturn triggered massive liquidations across cryptocurrency derivatives exchanges. CoinGlass data reveals that approximately $1.3 billion in long positions were liquidated within 12 hours, with Ethereum and Bitcoin positions accounting for $400 million and $300 million in losses, respectively.
The cryptocurrency market’s reaction appears closely tied to broader economic concerns following President Trump’s announcement of 25% tariffs on Canadian and Mexican imports. The Wall Street Journal’s editorial board criticized the move as the “Dumbest Trade War in History.”
International response has been swift, with the European Union warning of firm countermeasures. An EU spokesperson stated, “Tariffs create unnecessary economic disruption and drive inflation. They are hurtful to all sides,” as reported by Politico.
The United Kingdom appears to be the only nation potentially avoiding these tariffs, with BBC reporting that Trump suggested a deal could be “worked out.” Meanwhile, Trump dismissed critics on Truth Social, suggesting Chinese influence behind the criticism of his trade policies.
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