Bitcoin Tumbles 8% to $93K With Billions Liquidated as Asia woken to Trump's Trade War

 

 

· The market opened deep in the red in Asia, with BTC, ETH, SOL, and XRP all significantly down as concern grows about tariffs

· While market observers have expressed concern about the impact of tariffs, President Donald Trump doubled down on them in a social media firestorm over the weekend

· The TRUMP token is down 12%Major cryptocurrency including bitcoin (BTC), ether (ETH), Solana's SOL, and XRP were all significantly down as Asia began its trading week.

 

 

Meanwhile, ether (ETH) is down nearly 15%, trading at $2,500, . XRP is down 23% and trading at $2.

Yesterday nearly $1.3 billion in long positions have been liquidated, with around $400 million in long ether positions and $300 million in long BTC positions.

The market correction stems from a trade war that has seemingly been ignited by U.S. President Donald Trump with 20% tariffs being placed on Canada and Mexico.

Many market observers are skeptical about the benefits of tariffs, with a Wall Street Journal editorial board op-ed calling it the "Dumbest Trade War in History" over the weekend.

Brussels said that the European Union would respond firmly to any tariffs imposed on its member states.

“Tariffs create unnecessary economic disruption and drive inflation. They are hurtful to all sides,” Politico quoted a spokesperson as saying.