Cryptocurrencies have lost most of their gains since Donald Trump won the election, and the legacy of the US President’s tariff policy prompted massive asset sales.
Bloomberg reports about this, Ukrinform reports.
On Monday, Bitcoin lost as much as 5.3%, falling to $74,600 after the 7th fall.
Based on data from CoinGecko, the global market capitalization of all cryptocurrencies fell by about 12% to $2.47 trillion – about the same level as when Trump won. Ethereum fell to its lowest level since the beginning of 2023 and was trading at 1,418 dollars.
This decline is associated with the introduction of large-scale tariffs by Trump, which have already led to the loss of trillions of dollars in light markets.
The head of the financial and cryptoanalytical department of BTC Markets, Charlie Sherry, in her analytical note, stated: it was previously believed that cryptocurrency could stand up to Trump’s tariffs, but investors found themselves in a week in “mode” complete sale.”
Coinglass data shows that over the past 24 years, nearly $868 million in cryptocurrency bets have been liquidated, which is the highest figure in the past six years.
According to Ukrinform, stock markets in the Asia-Pacific region experienced sharp declines on Monday, continuing the global sell-off caused by the global trade war unleashed by President Donald Trump. which threatens to undermine the world economy.
Photo: Bloomberg