"Trump Tariff Remarks Lead to $500 Million Crypto Long Positions Liquidated"

Following U.S. President Donald Trump's high tariff remarks, major cryptocurrency markets, including Bitcoin (BTC), plummeted, resulting in approximately $500 million worth of long positions being forcibly liquidated within a day.

On the 24th (local time), cryptocurrency specialist media CoinDesk, citing CoinGlass data, reported that "following President Trump's tariff remarks, the liquidation of long positions in the derivatives market exceeded $500 million within 24 hours." The liquidation amount for Bitcoin futures was about $181 million, Ethereum (ETH) was about $142 million, and major altcoins such as Solana (SOL), Dogecoin (DOGE), and XRP also saw liquidations amounting to $100 million.

The largest single trade liquidation was recorded in the BTC-USDT perpetual futures contract on the OKX exchange, resulting in a loss of approximately $9.53 million.

Previously, President Trump announced on his social media platform Truth Social that "from June 1, I propose to impose a 50% tariff on the European Union (EU)." He also warned Apple, "If iPhones are not manufactured in the U.S., a 25% tariff will be imposed."

Immediately after these remarks, Bitcoin fell below the $110,000 mark, dropping to around $108,000. Liquidations were also accompanied in major asset markets.

The media stated, "Amid expanding ETF fund inflows and institutional interest, a strong shock occurred in the market due to geopolitical variables," and predicted, "As trade war concerns resurface, investors are likely to adopt defensive strategies in the short term."