There was a very sudden increase in the price of Bitcoin due to Donald Trump's announcement today that he would impose a 10% customs duty on all imports and this rate was lower than expected.
Although Trump harshly criticized all countries, including the United Kingdom, in his speech, the price of Bitcoin skyrocketed to over $88,000 and increased by approximately 3% in minutes due to the low customs duty rate.
At the time of writing, BTC price has seen a slight decline and is trading at $87,740.
On the other hand, high volatility brought with it a massive liquidation wave in the cryptocurrency market. In the last 24 hours, the entire cryptocurrency market saw liquidation of $337 million, of which $215 million were in short positions.
The largest liquidation was seen in Bitcoin with $136 million, followed by Ethereum with $47 million and XRP with $12.57 million.
*This is not investment advice.
