Crypto Market Turmoil Wipes Out $16B in Long Positions Amid Trade Tensions
The cryptocurrency market experienced significant upheaval early Friday as a sharp sell-off erased over $16 billion in long positions. This dramatic downturn was triggered shortly after U.S. President Donald Trump announced the possibility of imposing 100% tariffs on Chinese imports via a post on Truth Social, escalating fears of an intensifying trade conflict. The announcement sparked a global risk-off sentiment that reverberated across multiple asset classes, hitting digital currencies particularly hard during Asia trading hours. The sell-off resulted in Bitcoin briefly falling below $110,000—a 10% decline within 24 hours—before partially rebounding to $113,294. Ether also dropped, touching lows near $3,844.












