The entire Cryptocurrency market turned red as almost all assets registered a large price decline. The world’s largest Cryptocurrency Bitcoin (BTC) was not spared either. Kungmyntet dipped under the sought -after $ 100,000 brand that caused chaos on the market. There are several reasons behind this carnage, but the most relevant leads to Donald Trump, the President of the United States.
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Look at Bitcoin’s last crash
About 14 days ago, Bitcoin grew all the way to an altitude of $ 109,114.88. After the last case, the asset is currently 14% below this peak. In addition, the data from Coinglass revealed that over the past 24 hours, an astonishing $ 405 million positions were liquidated this included $ 340 million and $ 65.25 million shorts.
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How is Donald Trump responsible for this crash?
Ever since Trump was answered, the Bitcoin market encountered several shifts in its price. It seems that together with the United States, several other nations have also met heat from Trump. Over the weekend, Trump took 25% tariffs in both Mexican and Canadian imports. In addition, a 10% tariff will be imposed on Chinese goods from Tuesday. China said it would contest Trump’s tariffs at the World Trade Organization. The other two countries also quickly promised criminal measures.
“Crypto is truly the only way to express risk over the weekend and on news like this crypto resorts to a risk proxy.”
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