President Donald Trump’s China tariff threat saw the cryptocurrency market shed more than $500 billion after the total market capitalization nosedived from $4.25 trillion to under $3.75 trillion.
Crypto Carnage: $9.45 Billion in Leveraged Positions Obliterated, 1.42M Traders Liquidated
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Bitcoin pulled the market down (BTC), briefly tumbling to $109,683, a near double-digit drop in 24 hours. Ethereum (ETH) plunged from an intraday high of $4,386 to $3,574 at 5:21 p.m. EST, while XRP fell to $1.58, its lowest since Nov. 29, 2024.
The carnage, meanwhile, left more than 1.42 million traders liquidated and over $9.45 billion in long and short leveraged bets obliterated. At the time of writing (6:21 p.m. EST), more than $6.87 billion in leveraged positions had been wiped out in just one hour, with liquidated longs accounting for $5.56 billion of the total.
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WRITTEN BYBitcoin.com News DeskEditorial Desk Reporter
The Bitcoin.com News Desk publishes timely reporting on market developments, protocol updates, regulatory changes, and industry announcements across the cryptocurrency sector.
