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Crypto Traders Wrecked As Tariffs Spark $2 Billion Liquidation
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Crypto Traders Wrecked As Trump’s Tariffs Spark $2 Billion Liquidation

Christian Encila
Christian Encila
3 months ago
3 mins read
Crypto

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As February began, crypto investors found themselves inside a turbulent market after the digital asset space went crashing down, leading to more than $2 billion in crypto liquidations and Bitcoin price plunged near the $90,000 mark. 

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Analysts attributed the current turmoil in the cryptocurrency sector to the new tariffs imposed by President Donald Trump on Canada, Mexico, and China, raising questions on what would be the long-term impact of the tariffs on digital currencies.

$2 Billion In Crypto Liquidations

Trump said in a statement that the US is eyeing to implement heftier tariffs on its three largest trading partners, Canada, Mexico, and China, a measure that sent shockwaves in the cryptocurrency community. 

Market observers believe that Trump’s announcement fueled the crash across the cryptocurrency sector, which saw massive leverage liquidations among virtual currencies.

Source: Coinglass

According to Coinglass, more than $2 billion in crypto liquidations were recorded in the 24 hours after the planned new tariff was announced by the US President.

Data also showed that the prices of the top-tier cryptocurrencies plunged after traders found themselves in a turbulent market after the tariff announcement. Bitcoin plummeted to $95,200, according to CoinGecko, the lowest price the firstborn crypto has been in three weeks.

Meanwhile, Ethereum went down to about $2,800, wiping out all the gains it made since early November.

“In the short term, we’ve bottomed. Market makers have used this tariff news cycle to sweep the leveraged longs and there is now very little liquidity worthy of pushing price lower,” crypto fund manager Merkle Tree Capital chief investment officer Ryan McMillin said in an interview.

Tariffs Might Trigger An Inflation

Analysts said that many investors are worried that the new tariff would contribute to inflation which could impact sentiments on digital assets.

“Crypto is really the only way to express risk over the weekend, and on news like this, crypto resorts to a risk proxy,” Pepperstone head of research Chris Weston said.

Nick Forster, founder of Derive, a DeFi derivatives protocol, believes that Trump’s new tariff would more likely push inflation up, dampening investor sentiment in cryptocurrencies.

Total crypto market cap currently at $3.06 trillion. Chart: TradingView

“We’re already seeing signs of heightened market volatility, as BTC’s 30-day implied volatility has risen by 4% to 54% in the wake of these tariffs and the broader economic uncertainty,” Forster said.

The DeFi derivatives protocol founder added that he expects that this volatility would persist as “more negative catalysts likely unfold in the coming weeks.”

A Bitcoin Boom?

Bitwise Asset Management’s head of alpha strategies Jeff Park suggested that a Bitcoin boom might be a potential positive effect of Trump’s tariff policies.

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Bitcoin Price at Risk of Further Downside

Bitcoin Price Nosedives Nearly 10%: Panic or Buying Opportunity?

3 months ago

Park explained that the new tariffs might weaken the US dollar, creating a favorable condition that could drive growth for Bitcoin, saying that as tariffs increase inflation, it would affect both domestic consumers and international trade partners, which might drive the residents of foreign nations toward BTC to counter currency debasement.

Featured image from Getty Images, chart from TradingView

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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