Crypto Market Collapses Amidst Trump’s China Trade Tensions

Last night, a wave of selling in the cryptocurrency market caused a massive $7.44 billion in positions to be liquidated within just one hour. This sudden decline shook the digital asset ecosystem and led major exchanges like Binance to take emergency measures. The catalyst for this event was former U.S. President Donald Trump’s announcement of a 100% tariff on China. The ripple effect was seen across all markets, with delays in U.S. exchange Coinbase as well as Bitcoin’s price surge to $102,000 and the overall crypto market value dropping significantly.