The cryptocurrency market suffered historic losses on Saturday, with over $19 billion wiped out in what data tracker Coinglass described as “the largest liquidation event in crypto history,” after US President Donald Trump announced 100% tariffs on China and new export controls on software.

Two major cryptocurrencies, Bitcoin and Ethereum, crashed as investors reacted to fears over a renewed trade war, with many moving funds into stablecoins or safer assets, according to The Independent.

BITCOIN AND ETHEREUM PLUNGE

Trump’s announcement, made via X (formerly Twitter), triggered a decline of more than 12% in Bitcoin alone, which had touched a record high of over $125,000 earlier in the week, the Bloomberg reported. By Saturday morning in London, Bitcoin was trading below $113,000. Ethereu

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