The Currency analytics
By Pankaj K
Trump dropped a bomb. His October 10th announcement of 100% tariffs on Chinese imports sent crypto markets into total chaos, wiping out $19 billion in liquidations as Bitcoin…
The carnage was instant and merciless. Major exchanges got hammered with unprecedented sell-offs as panicked investors dumped everything they could get their hands on.
Ethereum and other major cryptos got crushed just as hard, marking the end of a bull run that had Bitcoin sitting near record highs earlier this year.
Regulators moved fast. The SEC jumped in immediately, announcing a full review of market practices to make sure everyone was playing by the rules.
Industry insiders were completely blindsided. Nobody thought a political move could torch the crypto market this quickly.
The damage went global pretty much overnight. Asian markets opened to news of the crash and indices tanked hard. Europe followed right behind.
Economists are warning about ripple effects that could hit industries dependent on Chinese imports.
The market's waiting for someone to say something. Investors are scrambling to figure out their next moves while uncertainty hangs over everything like a dark cloud.
Key players aren't talking. Neither China nor major US tech firms have said a word about the tariffs or the market meltdown that followed.
Traders and analysts are glued to their screens, looking for signs that things might stabilize.
October 11th brought a weak recovery attempt, but volatility stuck around like a bad hangover. Bitcoin was hovering around $34,000, way down from its recent peaks.
Major exchanges like Coinbase and Kraken reported crazy user traffic and trading volumes after the liquidation event.
The damage spread to crypto-related companies too. MicroStrategy, famous for its massive Bitcoin stash, saw its stock price get demolished.
Financial institutions are watching everything closely. The Federal Reserve said on October 13th that it was looking at the broader economic impact of the tariffs and market…
By October 14th, the Bank of England was expressing concern about crypto market chaos potentially hitting the global financial system.