17.10.2025 01:21

The digital asset landscape witnessed a sudden and significant downturn this evening, as the price of Bitcoin (BTC) plummeted, shedding 1.47% in the last hour to reach $108,762. This immediate market contraction is largely attributed to the persistent lack of positive resolutions concerning the import tariffs that US President Donald Trump has indicated he will impose on goods from China. The rapid price movement triggered a substantial wave of liquidations, with an estimated $190 million worth of trading positions being forcibly closed within the same hour; of this sum, $158 million comprised long positions, while $31 million were short positions.

This bearish momentum wasn't confined to Bitcoin alone; the broader altcoin market also experienced a significant weakening in parallel. Ethereum (ETH) registered a notable drop of 2.27 percent, settling at $3,911, while Binance Coin (BNB) saw a more pronounced decline of 2.97 percent to $1,136. Solana (SOL) also faced considerable pressure, falling by 2.55 percent to $188. Among other major cryptocurrencies by market capitalization, XRP slid 1.57 percent, Dogecoin lost 2.30 percent, and Cardano posted a decrease of 1.83 percent, reflecting widespread capitulation across the sector.

Market analysts are attributing this widespread sell-off to the renewed rhetoric from the Trump administration regarding escalating trade tensions with China, which is evidently eroding investor confidence. This geopolitical uncertainty is prompting a flight from riskier assets, consequently exerting intense short-term selling pressure on highly volatile instruments such as Bitcoin. Zooming out, the past 24 hours tell an even starker story of market turmoil, with total liquidations amounting to $647 million. A significant majority of these, $474 million, were long positions betting on price increases, contrasting with $172 million in liquidated short positions.