Bitcoin, Ethereum and Dogecoin are all falling today. This is causing a bearish mood in the cryptocurrency market. the crypto market. The move was a response to the U.S. president Donald Trump, who has sparked fears about a full-blown war of trade with China.
Bitcoin, Ethereum, Dogecoin prices are falling.
Bitcoin, Ethereum, Dogecoin, and other cryptocurrencies are all down in price today. CoinMarketCap data. In the last day, it has plummeted to just $104,000. Its gains in early October have been erased. all-time high (ATH) Above $126,000 Ethereum has dropped as low at $3,400. Dogecoin fell below the psychological $0.2 level, and is now $0.11.
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The massive collapse in Bitcoin, Ethereum and Dogecoin was followed Trump’s Truth Social postIn which he said that the U.S. 100% tariff on ChinaStarting November 1, they will be paying additional tariffs on top of any that are already being paid. He also added that the Export Controls will be imposed on all software crucial to China, starting November 1,
Trump also noted that he had earlier on in the day threatened The United States has increased tariffs against China while declaring that China is becoming more hostile. Bitcoin fell sharply from around $122,000 to $120,000 as a result of this threat. While the Ethereum and Dogecoin prices Also, the number of people who are employed in this field has been declining.
Bitcoin traded at around $116,000 before Trump announced his 100% tariff against China. This sent the cryptocurrency market spiraling. BTC’s further decline Ethereum and Dogecoin also fell to intraday levels of $3400 and $0.11 respectively, further extending the market’s losses. The massive drop in value for crypto assets has contributed to the biggest crypto liquidation ever.
CoinGlass data This shows that over $20 billion was wiped from the crypto markets in just 24 hours due to crashes in Bitcoin prices, Ethereum values, and Dogecoin. This event of liquidation is larger than COVID-19, and even the FTX bankruptcy crash.
It is possible that exchanges may have contributed to the crash
BitMEX co-founder Arthur Hayes Crypto exchanges could have been a factor in the recent crash of Bitcoin, Ethereum and Dogecoin. According to an article in the newspaper, X postHe said that there is a rumor that altcoins have been affected by big CEX’s automatic liquidation collateralized ties with cross-marginalized positions. “got smoked on the move down.” He said that he congratulated the buyers of altcoins, and stated they are not likely to be seen at those prices again in the near future.
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Crypto analyst Kevin Capital opined Robinhood and other top-tier exchanges have serious problems that are causing the price drop of Bitcoin, Ethereum, Dogecoin, etc. Coinbase, and Binance. He also said it was even worse that people couldn’t buy at the bottom of the market.
Chart by Tradingview.com. Featured image is from iStock.
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Source: www.newsbtc.com
