TRADER456
10-11

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Bitcoin’s Flash Crash Sees $7B Crypto Liquidation as Trump Ramps Up China Trade War

BTC tumbled 10% on Friday, while ETH, SOL and XRP crashed 15%-30% in a crypto flash crash as trade tensions escalate between the U.S. and China.

Friday's market meltdown lead to over $7 billion in liquidations from traders who bet on higher prices, according to CoinGlass.

The latest flare-up in trade tensions between U.S. and China occurred as Trump said he would increase tariffs in Chinese goods in response to China's export controls on rare earth metals. Then, after traditional markets closed for the week, he announced in an Truth Social post late Friday afternoon that he would impose an additional 100% tariff starting on November 1.

What to know:

U.S. President Trump announced a 100% additional tariff on China, causing a sharp decline in crypto asset prices.

Bitcoin fell below $110,000, tumbling over 10% in 24 hours, while ETH, XRP and SOL saw prices crashing 15%-30%.

Crypto assets were already battered in the early session after Trump's threat on increasing tariffs on Chinese goods in response to export controls on rare earth metals, escalating trade tensions between the U.S. and China.

BTC Slides: Can it Hold $85K or Head to $70K?
Strategy poured nearly $1 billion into Bitcoin for a second consecutive week, continuing to add to its position as crypto prices pulled back. The pioneer of the “digital asset treasury” strategy saw its shares fall more than 8% on Monday, closing at $162.08 in New York. Bitcoin at one point slid 3.7% to $85,171, still down about 30% from its early-October record high of $126,000. Can Bitcoin hold key support levels this week? Will MSTR test the $150 level again? Would you stay firmly invested?
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

  • Sporeshare
    10-11
    Sporeshare
    black Friday! will it continue next week!
  • dimzy5
    10-13
    dimzy5
    Crazy volatility
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