In a surprising turn of events, US President Donald Trump's announcement regarding potential increased tariffs on China has sent shockwaves through the cryptocurrency market, triggering a significant selloff across major digital assets. According to the experts cited in the publication, the situation is becoming critical.
Market Reaction to Trump's Statement
Following Trump's statement, Bitcoin, Ethereum, and a host of other cryptocurrencies experienced a dramatic decline, contributing to a broader market crash. Within just one hour, the global crypto market cap plummeted by $150 billion, highlighting the volatility and sensitivity of the crypto space to geopolitical developments.
Impact of Trade War Fears
The selloff was particularly pronounced as traders reacted to the heightened fears of a renewed trade war with China, leading to widespread liquidations across various cryptocurrencies. This event unfolded on Friday, marking a turbulent day for investors as they grappled with the implications of potential tariffs and their impact on the global economy.
In light of the recent turmoil in the cryptocurrency market following President Trump's tariff announcement, Ethereum has recorded its largest validator exit in history, with 24 million Ether queued for withdrawal. For more details, see more.
