Trump’s Tariff Threat Drives Bitcoin Plunge, Causing $638 Million in Liquidations

Former U.S. President Donald Trump’s threat of a 50% tariff on EU imports sent shockwaves through the global financial markets. Bitcoin, specifically, experienced a dramatic downturn, dropping by 4.5% within a single day and falling below $110,000. This rapid decline is attributed to heightened selling pressure across crypto markets, according to financial experts. Trump’s remarks reignited fears of a trade war, destabilizing markets and adding uncertainty to the financial sector.