China Crisis: $550 Billion Loss in Crypto Markets!

The Trade War Between China and the U.S. Shakes the Crypto Markets

Recently rekindled U.S.-China trade war has led to a large collapse in the cryptocurrency markets. As investors endured this sharp decline, a total of 550 billion dollars was wiped off the market value within just a few hours.

Significant Value Loss in Bitcoin and Ethereum

The leading cryptocurrency Bitcoin surpassed 126 thousand dollars this week, reaching a new record. However, affected by market uncertainty, Bitcoin fell to 109 thousand dollars last night. Currently, Bitcoin's value stands at 112 thousand dollars. Its loss in the last 24 hours has been over %7.

Changes in Ethereum and Ripple

During this week, Ethereum reached levels of 4 thousand 750 dollars, but fell to 3 thousand 500 dollars during trading hours, and is currently trading at 3 thousand 800 dollars. Ethereum's loss in the last 24 hours has been over %13. Ripple, which was trading above $3,000, dropped to 1,900 dollars last night and is now at 2,400 dollars. The value loss in Ripple has exceeded %14 in the last 24 hours.

The Market Collapsed Due to Panic Sales

The cryptocurrency market faced a significant collapse due to investors’ panic sales. The situation for altcoins became even more dire; some prominent cryptocurrencies have fallen back to their levels from a year ago, while certain tokens on the Binance platform experienced up to %90 value loss. The destruction in leveraged trades also reached massive proportions. In the last 24 hours, positions worth more than $10 billion were forcibly closed, impacting approximately 1.5 million users.

Short-Term Recovery Hopes Diminishing

Analysts indicate that this sudden shock has weakened the hopes for short-term recovery in the markets. Additionally, it is emphasized that Trump’s trade policies have severely impacted not just cryptocurrency but also the risk appetite in global markets.