Bitcoin and Other Cryptocurrencies Had Double-Digit Drops Friday, Largest Liquidation Event Ever (independent.co.uk)
- Reference: 0179757072
- News link: https://slashdot.org/story/25/10/11/1936222/bitcoin-and-other-cryptocurrencies-had-double-digit-drops-friday-largest-liquidation-event-ever
- Source link: https://www.independent.co.uk/news/business/crypto-bitcoin-crash-trump-china-tariff-b2843621.html
> Bitcoin and Ethereum both saw record liquidations as [2]investors reacted to fears over a trade war , which saw many crypto investors move their money to stablecoins or safer assets... Bitcoin fell by more than 10 per cent to below $110,000, before recovering to $113,096 on Saturday morning. The value of Ethereum slumped by 11.2 per cent to $3,878. Other cryptocurrencies, including XRP, Doge and Ada, fell around 19 per cent, 27 per cent, and 25 per cent in the last 24 hours, respectively.
LiveMint [3]shares some statistics from Bloomberg :
> Citing 24-hour data from Coinglass, the report noted that more than $19 billion has been wiped out in the "largest liquidation event in crypto history", which impacted more than 1.6 million traders. It added that more than $7 billion of those positions were sold in less than one hour of trading on October 10. According to data on CoinMarketCap, the cryptocurrency market cap has dived to $3.74 trillion from the record-high $4.30 trillion level, the previous day. Trading volumes as of the market close were recorded at $490.23 billion.
>
> Bitcoin retreated on Friday, as US-China trade tensions reignited, after racing to record highs earlier in the week as persistent rate-cut bets and signs of some cooling in geopolitical tensions helped boost risk. Bitcoin was trading at $105,505.4 on Friday, down 13.15% on the day.
[1] https://www.independent.co.uk/news/business/crypto-bitcoin-crash-trump-china-tariff-b2843621.html
[2] https://www.independent.co.uk/news/business/china-dow-jones-industrial-average-citi-president-trump-b2843408.html
[3] https://www.livemint.com/market/ipo/upcoming-ipo-om-power-files-drhp-with-sebi-to-raise-funds-through-issuance-of-public-issue-stock-market-news-11760201445552.html
Didn't everything take a hit? (Score:1)
Trump's announced more tariffs on China and China retaliated with cutting off rare Earth minerals. The stock market lost 2% or about 1.5 trillion.
Plus we all basically know the economy is being held up on a house of cards. Somebody called it three data centers in a trench coat. So it's not going to take much to spook people.
Stock Market (Score:3)
BTC just tracks the dollar via the proxy of the Stock Exchange. This event directly corresponded with a big one-day drop on the S&P, caused by Trump announcing 100% tarries on everything from China. (Caused in turn by China's announcement the day before on restricting their export of rare-earths.)
Nothing to see here.
The stock market will be back in a day or two (if it hasn't already rebounded) and the fake pretend money will follow it back up. This month has also been a bellweather of "AI Bubble About To Burst" stories, and the US economy is being held up by the AI spending. So there's trouble on the near horizon. None of it has to do with the scam that is crypto, though. That game is still in full play.
Translation (Score:2)
Translation:
Momentary big drop in crypto prices (directly due to S&P panic over Trump's 100% China tariff on this day).
So, BUY NOW.
It's not "Bye, now".
Not yet.
Before DT announcement, 1 profited $200m (Score:2)
This was widely reported that before the announcement, someone made a huge trade and later profited nearly $200 million.
@unusual whales
BREAKING: Look at this.
A new crypto account was opened yesterday morning.
30 minutes BEFORE Trump's announcement of 100% tariffs on China, it added a huge multi-milliondollar levered Bitcoin short position, per YF.
The market dumped.
The trader made a profit of $192 million in two hours.
Unusual.
Re: (Score:2)
The country is being fucked without lube and 30% are cheering while the price of everything climbs.
Crypto investors move their money to stablecoins (Score:2)
.. investors reacted to fears over a trade war, which saw many crypto investors move their money to stablecoins ..
It's a flawed assumption to assume stablecoins are any less volatile that the rest of crypto.
The music stopped (Score:1)
Too bad there aren't enough chairs for everyone. I guess some of you are screwed.
Re: (Score:2)
Glad I was intelligent enough to get in at the ground. I'm a millionaire now.
Re: (Score:2)
Sad I used mine to buy pizza :-(