The entire crypto space is on chaos, I mean; numbers are bleeding. Bloody Saturday as crypto market crashes with Bitcoin dropping in value to about $105,600. Alt coins dropped massively losing 80 to 90% values. ETH plunged over 18%. This is massive causing huge chaos across different exchanges, I mean over 1.8 million traders were wiped out from their long positions with over $18.82 billion. I most say this is one of the violent sell off I have seen this year where in just an hour the whole crypto to market is left with huge loses. This defines the usual term; "always invest what you can afford to lose".
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WHAT LED TO THE CRASH?
Well there could be several factors that led to the crash, but the most notable behind this is the sudden U.S.-China Tariff shock that came late Friday when president Donal Trump announced on the truth social that the U.S will impose a 100% tariff on Chinese imports starting on 1 number. Sending a warning on export control on key software. This shook the entire market both crypto and stock leaving investors and traders with huge losses.
The largest single liquidation happened on Hyperliquid, where An EHT/USDT position worth $215 million was liquidated. Causing traders' panicking.
Unfortunately, it became worse that USDe stablecoins lost its dollar peg as most institutions were forced to sell assets during the crash, leading to further market liquidation.
Earnestly this is devastating, I mean waking up in the morning to realize that 70% of your portfolio's value is down. Well, to me, this is very normal in crypto space. I don't think there is any body who didn't expect something like this to happen, but not this way or should I say not too soon? aah! I feel there were signs in the market already because Bitcoin was already overbought.
However, I was long on ZRX/USDT and ETC/USDT, I woke up this morning to see loses. Losing almost $9, Not huge loses though, but I never expected it.
However, it happened. That's why it's very necessary to always invest what you can afford to lose. Well, cheers friends see you again!
