Trump Tariffs Cause $600M in Crypto Position Liquidations
The bullish trend that took over the crypto market at the beginning of the week did not last long, and Bitcoin and most altcoins have lost most of their gains.
Naturally, this triggered a wave of liquidations that swept over 180 traders. The largest liquidated order of $000 million was placed on BitMEX.
Confirmation of plans for the US to work on its own strategic cryptocurrency reserve has led to mind-blowing growth of up to 60% within a few hours.
Trump later mentioned Bitcoin и эфириум, which also raised their value. For example, the Bitcoin rate rose from $85,000 to a weekly high of $95,000, while ETH reached $2500.
However, on Monday, the market faced another pullback, which saw the price of Bitcoin fall into the $85,000 range. Note that analysts warned that the jump above $90,000 could be false.
This increased volatility has hurt over-leveraged traders, with more than 180 such market participants going bust in a single day. The total cost of liquidations has risen to more than $000 million over the same period.
Of the $146 million liquidated in just one hour, $155 million came from short positions, according to CoinGlass data.
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