Global markets have experienced sharp fluctuations after US President Donald Trump threatened a “massive tariff increase” on products imported from China.
Trump, in a post on Truth Social, stated that China was planning to impose export restrictions on rare earth elements and other critical manufacturing components, and that they could impose an “unprecedented tax increase” in retaliation.
Following this announcement, both traditional stock markets and the cryptocurrency market plummeted. The NASDAQ 100 index fell 2.4% and the S&P 500 index fell 1.7%, while the crypto market also saw a sharp sell-off.
Bitcoin (BTC), the largest cryptocurrency by market capitalization, fell 1.94% to $119,005. Ethereum (ETH) fell 4.82% to $4,115, and BNB fell 1.08% to $1,223.
Other prominent cryptocurrencies included Solana (SOL), which fell 3.33% to $211, Dogecoin (DOGE), which fell 2.75% to $0.23, and TRON (TRX), which fell 1.36% to $0.33.
Over $896 million worth of positions were liquidated in the last 24 hours, with more than 80% of this consisting of long positions.
*This is not investment advice.