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Crypto Liquidations: $500M Wiped Out as Trump Tariffs Shake the Market
In the past 24 hours, the cryptocurrency market experienced unprecedented volatility, resulting in massive liquidations of both short and long positions. The market turmoil was primarily triggered by President Donald Trump’s announcement of new tariffs, which injected uncertainty into global markets, including cryptocurrencies.
Bitcoin’s price plummeted from a high of approximately $88,500 to around $83,400 following the tariff news. The market saw significant liquidations totaling approximately $500 million, with $300 million occurring within the last four hours. Initially, short positions were hit, followed by long ones, almost equally. In just one hour, the market wiped out over $100 million in long positions.
A staggering 159,333 traders were liquidated during this period, resulting in a total loss of $489.07 million. The biggest single liquidation order was $11.97 million in ETHUSDT on Binance. Notably, $257 million came from long positions and $232.06 million from short positions.
The recent market fluctuations have been largely affected by macroeconomic factors, particularly the anticipation of Liberation day tariffs announced by Trump. These tariffs have led to a high degree of market uncertainty, resulting in price volatility across major cryptocurrencies. Bitcoin, for instance, has seen its price fluctuate between $73,000 and $88,000, currently trading around $83,500, down 0.9%.
The recent market fluctuations have left many wondering if it was truly a ‘Liberation Day’ or just a ‘Liquidation Day,’ given the massive wave of liquidations that shook the market.
Despite short-term challenges, analysts remain optimistic about Bitcoin’s long-term prospects. Forecasts suggest that Bitcoin could surpass $200,000 by the end of 2025, with some projections reaching as high as $500,000 if the U.S. establishes a strategic Bitcoin reserve.
Source: https://coinpedia.org/news/crypto-liquidations-500m-wiped-out-as-trump-tariffs-shake-the-market/
