The crypto market experienced the largest wave of liquidations in history due to Trump's new duties

The cryptocurrency market recorded the largest liquidation of traders' positions in history due to the US President's statement Donald Trump about introduction of an additional 100% duty on Chinese goods and restrictions on software exports. About writes Bloomberg.

According to Trump, the additional tariffs, which are to take effect on November 1, are a response to China's "aggressive stance" on trade.

Financial markets reacted to the news with a wave of panic. The cryptocurrency market saw the largest liquidations of traders' positions in history. Investors began to massively transfer money to safe havens such as gold and US government bonds.

Bitcoin, which at the beginning of the week set historical record at more than $125,000, fell by more than 12% to $113,000 on Friday.

Overnight, the volume of liquidations exceeded $19 billion, and more than 1.6 million traders were forced to close their positions. Over $7 billion was liquidated in the first hour of trading.

Coinglass analytical platform reports that the actual scale of losses could be even greater, as not all exchanges report in real time. Binance, the world's largest crypto exchange, for example, publishes only one liquidation message per second.

Thus, according to some estimates, the total losses could have exceeded $30 billion.

• On October 8, for the first time in history gold price exceeded $4000 per ounce due to Trump's pressure on the US Federal Reserve.