Virtual asset market plunges as U.S.-China tariff war resumes…6 billion dollars liquidated in one hour

The virtual asset (cryptocurrency) market plunged immediately after U.S. President Donald Trump’s remarks about additional tariffs on China, with more than 6 billion dollars (about 8.4 trillion won) liquidated in one hour. This is the largest liquidation event since early April.

According to Bloomberg on the 11th (local time), President Trump said on his social media Truth Social, "I will impose an additional 100% tariff on Chinese-made products on top of existing tariffs, and I will also control software exports."

Immediately after the remarks, Bitcoin (BTC) fell by more than 12% from 126,250 dollars to about 112,000 dollars before partially recovering. According to CoinGlass, about 7.4 billion dollars worth of positions were liquidated in the past 24 hours, of which long positions amounted to 6.7 billion dollars and short positions to 695 million dollars. Notably, about 6.6 billion dollars of liquidations were concentrated within four hours after Trump's tariff announcement.

Ravi Doshi, co-head of markets at FalconX, explained, "With the U.S.-China trade war reigniting, risk assets plunged and investors rapidly expanded positions to prepare for downside risk."