The cryptocurrency market faced significant turmoil as over $300 million in leveraged positions were liquidated following Donald Trump's announcement of proposed tariffs. The sell-off was triggered by fears of a renewed trade war, leading Bitcoin and major altcoins to drop by 3% to 4%. Bitcoin longs accounted for approximately $107 million of the liquidated total, while Ethereum saw nearly $87 million in liquidations. The abrupt market movement impacted several smaller tokens as well. Notably, prominent trader James Wynn, who recently opened a $1.1 billion long position on Bitcoin, is currently facing $7.5 million in unrealized losses. The market sentiment shifted dramatically amidst fears surrounding Trump's proposed tariffs on European imports and foreign-manufactured iPhones, resulting in a swift response from traders looking to de-risk their positions. This incident serves as a reminder of the volatility and headline risks inherent in the crypto trading environment.

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