Crypto Market Plunges 10%, Liquidations Hit $19B As Donald Trump Announces 100% Tariffs On China
The crypto market plunged more than 10% after US President Donald Trump announced 100% tariffs on China’s exports starting Nov. 1, triggering $19 billion in liquidations. Solana slid 16%, XRP 14%, Ethereum 12%, Bitcoin 9%, and Dogecoin 22% as traders rushed to unwind leveraged positions. Data from CoinGlass showed most of the $19 billion in liquidations came from long positions as markets turned risk-off. One trader estimated that it was ”likely the largest liquidation event, in $ terms, in crypto history.” Trump’s actions came in response to what he said was an “extraordinarily aggressive” stance by China after it unveiled sweeping export controls on rare earths that are crucial to products from cars to smart phones. The announcement sent investors fleeing from risk assets as the Crypto Fear & Greed Index collapsed from a “Greed” reading of 64 to a “Fear” level of 27 in a single day as markets braced for an escalating ...