Hours after Wall Street crash wiped out over $1.5 trillion from the market, the global cryptocurrency market went into freefall late Friday. The drop followed US President Donald Trump’s announcement to impose a 100% tariff on all imports from China. Trump’s tweet, posted hours earlier, sparked fears of a new trade war between the countries, which had previously disrupted the market as well. The move led to one of the largest market crashes in crypto history, wiping out billions in leveraged positions and forcing traders to rush to limit their losses.

Global Crypto market plunges: $19 billion wiped out

According to data from CoinGlass, around $19 billion in crypto positions were liquidated by Friday afternoon, with Bitcoin, Ethereum, and Solana among the biggest losers, CNN reported.

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