The cryptocurrency market has lost about $10 billion in the past 24 hours, Bloomberg reports, citing data from stock exchange aggregator Coinglass.
„Weakness in the cryptocurrency market has been felt since Friday. According to Coinglass, about $10 billion has been written off in the past 24 hours in the biggest wave of liquidations since at least early April,” the agency wrote.
Specifically, in the past few hours, following remarks by US President Donald Trump regarding new measures against China, traders have liquidated positions worth more than $7 billion.
A 100% tariff on goods from China will be imposed on November 1 or earlier, in addition to existing tariffs.
Meanwhile, bitcoin fell 12 percent after the White House’s announcement. According to Bloomberg, this is the steepest decline since early April.