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Trump's Announcement Causes $839M Liquidation in Crypto Market

The crypto market has witnessed a massive liquidation of $839.3 million in the past 24 hours, triggered by US President Donald Trump's announcement that the country will use cryptocurrencies as a strategic reserve. According to CoinGlass data, the liquidation involved around 184,381 market participants.

The largest liquidation occurred in short positions, totaling $544.2 million, while long positions accounted for $293.2 million. Bitcoin (BTC) was the largest contributor to the liquidation, with $303 million, followed by Ethereum (ETH) with $138 million, XRP (XRP) with $73.7 million, and Cardano (ADA) with $66.4 million.

Trump's announcement sparked a massive rally in the crypto market, with Cardano's price surging nearly 2 times or 84.2% overnight.