Crypto Chaos: $1 Billion Lost in 24 Hours!
The world of cryptocurrency is in a spin! In just one day, over $1 billion was lost due to something called ‘liquidations’. This happened because of some news about new rules, or ‘tariffs’, on things like cars and food coming from Canada and Mexico.
What’s the Big Deal with Tariffs?
These tariffs, which are like taxes on imports, made people worried about the economy. This worry spread from country to country, making investors nervous and causing them to sell their cryptocurrencies.
Crypto Market Takes a Dive
The crypto market, known for being up and down a lot, took a big hit. Bitcoin, the most famous cryptocurrency, lost over $300 million. Ethereum, Solana, and Cardano also had big losses. The total value of all cryptocurrencies fell by about 8% to $2.77 trillion, with $460 billion disappearing in just one day!
From Happy to Scared: Trader Mood Swings
Just a few days before the tariffs news, people were feeling really good about cryptocurrencies. They were excited about a plan to use some cryptocurrencies as part of the U.S. money system. But then, the tariffs news made people scared, and they started selling their cryptocurrencies quickly.
What Now?
The crypto market is like a rollercoaster ride right now. It’s hard to say if it will go back up or keep going down. But, even with all the ups and downs, people are still working on making cryptocurrencies better and more useful.
Sources: CryptoBriefing, Cointelegraph, Coinfomania, MItrade, CoinCentral