US-China Trade War
Trump's China tariff announcement sparks record crypto crash
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US President Donald Trump's surprise announcement of 100% tariffs on Chinese imports triggered the largest single-day liquidation event in cryptocurrency history, wiping out nearly $19 billion in positions. Bitcoin plunged from a record high of $126,000 to below $107,000, while altcoins suffered steeper declines amid a cascade of leveraged trades. Markets partially recovered over the weekend as tensions eased with calming statements from both sides.
After witnessing the effects of a tumultuous trade war with the United States this year, China's top leaders have issued a directive to fortify the domestic economy against persistent or even heightened trade frictions. Analysts see the leadership's language after the central economic work conference as an admission that trade tensions are expected to endure and expand beyond the US, including to partners like the European Union.