(Bloomberg) – Cryptocurrency prices tumbled after US President Donald Trump said he would impose an additional 100 per cent tariff on China and export controls on software. Traders saw more than US$7 billion in positions liquidated in less than an hour, according to data from Coinglass.
Bitcoin initially fell more than 12 per cent after Trump made the announcement via a post on his Truth Social platform. The largest token, which had earlier this week reached an all-time high of more than US$125,000, was trading around US$113,000 as of Friday (Oct 10) evening in New York.
Weakness in the crypto market had already been present coming into Friday. Over the past 24 hours, bets worth some US$9 billion in bets on cryptoassets have been…