Crypto Market Faces $10 Billion Liquidation Amid Tariffs and Regulatory Shifts
In the latest developments in the cryptocurrency market, Bybit's CEO reported that liquidations could be as high as $10 billion, with Ether and major altcoins experiencing significant drops in value. Over 24 hours on February 3, the market witnessed a correction, heavily influenced by U.S. tariffs on imports from China, Canada, and Mexico. Ether fell 16%, alongside major altcoins like Cardano, which dropped over 20% within the same timeframe. This decline contributed to an overall market cap decrease of 11.4%, reaching $3.17 trillion. Analysts believe stop-loss triggers and decreasing trading volumes indicate a lack of investor confidence. Concurrently, India is re-evaluating its stance on crypto to keep pace with global regulations, emphasizing that digital assets transcend borders and need appropriate policies to avoid falling behind other nations. This comes after U.S. President Trump's executive order aimed at shaping a strategic framework for digital assets.
Source 🔗