Tariff Shock wipes out $14 billion from the crypto, and liquidation jumps to $500 million (market watch)

Yesterday, after Trump’s latest tariffs, Bitcoin price rise was a halt of screeching yesterday, with assets being dumped for more than six hours.

Altcoins responded in a similar way, with many losing up to 10% since their local peak.

BTC dump costs 6k

Bitcoin weekend slowed significantly as assets were unable to violate $84,000 and fell to $81,000 on Sunday evenings and Mondays. It bounced back after reaching that few days’ low and jumped to $84,000 again, but to no avail.

More volatility continued Tuesday, when BTC went from $82,400 to $85,500 within hours. That’s when I failed and went to $81,200 with a flash crash on a bitstamp. It was also short-lived as cryptocurrency began to gain real traction yesterday evening amid reports that Trump would soon abandon Musk.

Bitcoin was shot to weekly highs above $88,500 within hours. However, the latest tariffs the US president has imposed on numerous countries have halted momentum, with the BTC falling more than six times more than $82,000 in six minutes.

It has recovered slightly since then, and is now over $83,000. However, the market capitalization fell to $1.650 trillion, but its advantage over ALTS is still close to 60% in CG.

ALT turns red again

Many altcoins have tracked BTC along the way, but have experienced massive rejections and price slides. Toncoin, Avalanche and Solana led the unfavourable trend from the bigger caps, losing up to 6%, over 10% on a daily scale since yesterday’s peak.

ETH, XRP, DOGE, ADA, XLM, and links are also red, but a little less painful. Furthermore, violent declines arise from hype (-10%), CRO (-11%), and PI (-7.5%).

Crypto’s total market capitalization has dropped to $2.765 trillion in CG, cutting around $140 billion from yesterday’s high.

This overall volatility has wiped out nearly $500 million in excess positions ($260 million). Almost 160,000 traders are destroyed every day. Displays Coinglass data.