Bitcoin's historic rally meets Trump tariff bombshell: What's the impact
Bitcoin took a sharp dive below $108,000 over the weekend after President Trump slapped 100% tariffs on Chinese imports in response to China's rare-earth export limits.
The move sent Bitcoin down nearly 10% from $117,000, while altcoins dropped even harder—some by as much as 40%.
Prices bounced back a bit to around $113,000, but the ride was anything but smooth.
Over $9 billion in liquidations
This wasn't just another crypto dip—the whole market saw $9.55 billion in liquidations in just one day.
More than 1.5 million traders saw their positions wiped out as panic selling and liquidations kicked in.
It's a reminder that global politics can shake up crypto fast, especially for anyone trading with leverage or hoping for quick gains.
Tensions between US and China could have far-reaching effects
Trump's tariff bombshell and China's export controls set off a chain reaction across crypto markets.
With so many traders borrowing to boost their bets, the sudden shock led to widespread liquidations and wild price swings.
Even though prices partly recovered, there's still plenty of anxiety about what comes next if tensions keep rising.