Sudden Plunge! Over 310,000 People Liquidated

As of this morning, the cryptocurrency market has experienced a significant drop, with Bitcoin briefly falling below $88,000, a decline of over 8% in 24 hours; Ethereum, Solana, Dogecoin, Cardano, and others have all seen declines exceeding 10%. In the past 24 hours, the number of liquidations in the cryptocurrency market has surpassed 310,000, with liquidation amounts exceeding $900 million.

Analysts point out that this sharp decline in cryptocurrency is primarily related to the latest remarks by U.S. President Trump. Trump stated on Monday that he would impose tariffs on Canada and Mexico as scheduled. Trump also mentioned that he is advancing a so-called reciprocal tariff plan. Concerns over a "trade war" have intensified in the market, leading to heightened risk aversion, with investors rushing to sell off risk assets like Bitcoin.

Additionally, other news has been unfavorable for the cryptocurrency market: First, lawmakers in South Dakota delayed a vote that could allow the state to invest in Bitcoin; second, in the EU's new sanctions against Russia, cryptocurrency exchanges were included for the first time in the sanctions list. Third, earlier, the largest theft in the history of the cryptocurrency world raised further questions about cryptocurrency security.

Cryptocurrency Plunge

Recently, the volatility in the cryptocurrency market has increased. Since the early hours of February 25, cryptocurrencies led by Bitcoin have been continuously dropping, with Bitcoin falling below $88,000, marking a new low since mid-January; Ethereum briefly dropped below $2,300, the lowest since February 3. Other smaller market cap cryptocurrencies have seen even larger declines.