Two Billion Dollars Liquidated in Bitcoin and Cryptocurrency — Thanks Donald Trump

Photo by Christoffer Engström on Unsplash

Over $2 billion dollars were wiped out from the cryptocurrency market on Monday.

Yes, you read that right.

It was a chaotic way to start the week. Mass panic was seen in the market after President Donald Trump announced tariffs on goods from Canada, Mexico, and China.

What followed was massive fear.

Bitcoin plummeted from $105,000 to $91,000, triggering the largest liquidation event in crypto history.

This was worse than the FTX collapse. It was worse than the COVID crash.

Ethereum, the second-largest cryptocurrency, was also deep in the red. Its price dropped from $2900 to $2000 — a near 30% drop. There was eventually a recovery later in the day, though, as Bitcoin temporarily traded above $100,000.

Luckily, my FREE telegram group, which you can join here, and myself stayed protected as we anticipated a drop and took a hedge short.

But what I’m planning to do in this article is to examine exactly why such an announcement would affect Bitcoin and if this is something to be concerned about during Trump’s presidency.