US-China face-off results in over $6-bn cryptocurrency liquidations

CRYPTO MARKET TRADERS were hit by record liquidations just days after Bitcoin touched an all-time high, volatility triggered in large part by the latest round of tariffs from US President Donald Trump.

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Cryptocurrency prices tumbled on Friday after Trump said he would impose an additional 100% tariff on China and export controls on software. The declines precipitated, and then were made worse by what data tracker Coinglass described as “the largest liquidation event in crypto history.”

While market weakness had already been present coming into Friday, Trump’s post sparked a decline of more than 12% in Bitcoin. The largest token, which had earlier this week reached a record of more than $125,000, was hovering below $113,000 as of Saturday morning in London.