"The ricochet in crypto prices follows a disastrous Friday that saw more than $19 billion in traders' positions evaporate. It was the largest one-day liquidation event ever tracked by the crypto analytics company CoinGlass. In less than 24 hours, Bitcoin shed more than $200 billion in market capitalization and dropped nearly 10% in price. And Ethereum was hit even harder, dropping almost 14%."
"The market turbulence follows a Friday social media post from President Donald Trump in which he threatened the People's Republic of China with a 100% tariff "over and above" existing tariffs levied against the country. "It has just been learned that China has taken an extraordinarily aggressive position on Trade in sending an extremely hostile letter to the World," claimed Trump on Truth Social, the social media website his family owns."
Cryptocurrency prices rebounded on Monday after a historic liquidation event. Bitcoin rose about 3% to near $115,000 and Ethereum gained nearly 9% to about $4,130. Total cryptocurrency market capitalization recovered nearly 5% to $4.01 trillion after dipping below $4 trillion. More than $19 billion in traders' positions were liquidated on Friday, the largest one-day event tracked by CoinGlass, with Bitcoin losing over $200 billion in market value and Ethereum falling roughly 14%. The stablecoin USDe briefly depegged to $0.65 on Binance before returning to $1. The market strain followed a social media threat of a 100% tariff on China.
Read at Fortune Crypto
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