Recent Developments in Crypto: Market Turmoil and Token Swap Denials
In today's crypto news, World Liberty Financial, linked to Donald Trump, denies allegations of pursuing token swaps worth $10 million. The company clarified that it is not selling tokens but reallocating assets as part of its treasury management strategy. Meanwhile, Bybit's CEO estimates that crypto market liquidations could reach between $8 billion and $10 billion as market conditions worsen, with reported liquidations exceeding $2.1 billion in a single day. This turmoil is partly attributed to Trump's tariffs on imports from China, Canada, and Mexico, resulting in significant losses for major cryptocurrencies like Ether, which dropped 16% within an hour, and other altcoins that saw declines of over 20%. Analysts suggest the sharp drop reflects a combination of stop-loss triggers and reduced trading volumes, indicating diminishing investor confidence.
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