trade mania

President Donald Trump’s threat to impose an additional 100% tariff on imports from China sparked a massive cryptocurrency sell-off late Friday that exposed risky leverage in the space.🤑🤑
Digital currencies bitcoin, ether and solana were among the most affected President Donald Trump’s threat to impose an additional 100% tariff on imports from China sparked a massive cryptocurrency sell-off late Friday that exposed risky leverage in the space.🤑🤑
Digital currencies bitcoin, ether and solana were among the most affected cryptocurrencies, bringing total liquidations to $18.28 billion, according to data analysis platform CoinGlass. The losses for cryptocurrencies come amid a broad sell-off, as the Nasdaq and S&P 500 on Friday saw their steepest declines in six months.
In the past 24 hours, roughly $5 billion of bitcoin has been liquidated, along with about $4 billion of ether and about $2 billion of solana, according to CoinGlass.
It’s the “largest liquidation event in crypto history,” CoinGlass said in a post on X.
Bitcoin is down almost 10% in the last five days and was trading at $111.616.20 as of 3:45 p.m. ET, a jump from when it dropped to $103,000 at 5:15 p.m. ET on Friday.
On Friday, ether was priced at $4,365.63 and then sunk to $3,742.88 — a 14.2% decline.
Solana was priced at $223.10 on Friday and has fallen to $178.72, as of 3:45 p.m. ET — a nearly 20% plunge.
Crypto has made major gains since Trump took office this year, in large part because of the president’s turnaround from dismissing bitcoin as “based on thin air” to addressing crypto fans at conventions, launching his own meme coin and promising a strategic crypto reserve.
And Trump recently issued an executive order allowing digital assets like crypto to be included in 401(k) plans, causing bitcoin to soar to a record high of $124,000 last week.
Despite ongoing trade talks between Washington and Beijing, trade tensions re-escalated Thursday after China ramped up export restrictions on critical rare earth minerals.
, bringing total liquidations to $18.28 billion, according to data analysis platform CoinGlass. The losses for cryptocurrencies come amid a broad sell-off, as the Nasdaq and S&P 500 on Friday saw their steepest declines in six months.

In the past 24 hours, roughly $5 billion of bitcoin has been liquidated, along with about $4 billion of ether and about $2 billion of solana, according to CoinGlass.

It’s the “largest liquidation event in crypto history,” CoinGlass said in a post on X.

Bitcoin is down almost 10% in the last five days and was trading at $111.616.20 as of 3:45 p.m. ET, a jump from when it dropped to $103,000 at 5:15 p.m. ET on Friday.

On Friday, ether was priced at $4,365.63 and then sunk to $3,742.88 — a 14.2% decline.

Solana was priced at $223.10 on Friday and has fallen to $178.72, as of 3:45 p.m. ET — a nearly 20% plunge and is now trading at 184 avg.

Crypto has made major gains since Trump took office this year, in large part because of the president’s turnaround from dismissing bitcoin as “based on thin air” to addressing crypto fans at conventions, launching his own meme coin and promising a strategic crypto reserve.

And Trump recently issued an executive order allowing digital assets like crypto to be included in 401(k) plans, causing bitcoin to soar to a record high of $124,000 last week.

Despite ongoing trade talks between Washington and Beijing, trade tensions re-escalated Thursday after China ramped up export restrictions on critical rare earth minerals.

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China warns US of countermeasures if Trump doesn’t walk back 100% tariff threat... 🤔🤔

Beijing has vowed countermeasures against Washington if US President Donald Trump makes good on his threat to impose new 100% tariffs on Chinese imports.🤑🤑🤑

Trump’s latest threat came after China unleashed a raft of export restrictions on rare earth minerals last week. The escalating tensions threaten to derail months of progress in trade talks.

“Resorting to threats of high tariffs is not the right way to engage with China,” a Ministry of Commerce spokesperson said Sunday, in Beijing’s first comments on the threat.

“If the US persists in acting unilaterally, China will resolutely take corresponding measures to safeguard its legitimate rights and interests,” the spokesperson added. “Our position on a tariff war remains consistent – we do not want one, but we are not afraid of one.”

The rapid escalation of trade tensions between the world’s two largest economies has sunk stocks, rattling investors and industries by igniting fears of a repeat of the tit-for-tat tariff battle in spring, when levies on Chinese and American imports soared to around 145% and 120% respectively.

It also adds fresh uncertainty into the ongoing trade talks between the two nations. Trump and Chinese leader were expected to hold a highly anticipated meeting in South Korea in two weeks’ time but Trump, citing the rare earths issue, has cast doubt on that meeting happening.

Beijing shows no sign of backing down, with the ministry spokesperson instead urging Washington to “promptly correct its wrong approach” and “preserve the hard-won progress in negotiations.

For a long time, the United States has overstretched the concept of national security and abused export controls, adopting discriminatory measures against China, and imposing unilateral ‘long-arm jurisdiction’ restrictions on a wide range of products,” the spokesperson said. The US export control list covers more than 3,000 items — compared with just over 900 on China’s list, they added.
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