The cryptocurrency market has suffered a significant crash due to the latest tariff statements by U.S. President Donald Trump. Bitcoin and Ethereum led this decline with substantial overnight value drops.
Current Crypto Market Crash
During the market crash, Bitcoin fell below $92k while Ethereum dropped to $2400. Over 720,700 traders were affected by liquidations in the last 24 hours.
Bybit CEO’s Opinion on Liquidations
Bybit CEO Ben Zhou stated that the liquidation amount is significantly higher than the previously reported $2.24 billion. He estimates the actual amount to be between $8 billion and $10 billion, attributing it to Bybit’s API limitations which affect the displayed liquidation figure.
Factors Influencing Cryptocurrency Decline
The primary cause of the market's downturn was the new tariffs introduced by Donald Trump, creating tension in the market. Ethereum suffered the largest losses among cryptocurrencies, impacted partly by internal issues in the Ethereum Foundation. Presto Research analyst Min Jung noted that Ethereum experienced greater losses compared to Bitcoin and Solana.
The current volatility in the cryptocurrency market remains high, particularly amid the political situation. Investors are adopting a cautious stance, while the market continues to generate speculation and concern.
