In a move that could only be described as a masterclass in economic chaos, US President Donald Trump has decided to impose a staggering 50% tariff on all goods imported from the European Union, effective June 1. Naturally, this announcement sent shockwaves through the crypto market, which was previously riding high on a wave of bullish optimism. Talk about a party crasher! 🎉
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According to data from Coinglass, a whopping $64.13 million in crypto liquidations occurred over the last four hours. Long positions took the brunt of it, accounting for $34.05 million, while short positions were not far behind at $30.09 million. It’s like a liquidation sale, but nobody wants to buy! 🛒
Bitcoin alone saw $24.4 million in liquidations, with Ethereum trailing behind at $15.16 million. Meanwhile, Bitcoin’s long-short ratio is hanging on by a thread, indicating a market that’s as confused as a cat in a dog park. Just yesterday, long positions were the belle of the ball at 54%. 🎭
Solana, XRP, and a host of altcoins also experienced sharp volatility, reflecting a market that’s about as stable as a tightrope walker on a windy day. Most altcoins saw a greater wipeout in long positions, suggesting that retail traders were caught completely off guard by this sudden policy shift. Surprise! 🎢
Rising Concern Over Macro Volatility
Earlier this month, the US-China trade deal provided a much-needed boost to the crypto market, hinting that macroeconomic uncertainty might finally be priced in. But alas, Trump’s EU threats have injected a fresh dose of anxiety. It’s like a bad sequel to a movie nobody wanted to see. 🎬
Analysts are warning that this tariff announcement could be the beginning of a broader economic disruption. European stock indices have taken a nosedive, and US tech shares are also feeling the heat. It’s a veritable market meltdown! 🔥
The trade war is back:
After a brief pause, Trump just threatened 50% tariffs on the EU beginning June 1st and 25% tariffs on Apple.
In 5 days, the S&P 500 has erased -$1.5 trillion of market cap.
What’s next? Here’s why you NEED to watch the bond market.
(a thread)
— The Kobeissi Letter (@KobeissiLetter) May 23, 2025
In the crypto world, the liquidation heatmap reflects a market caught between the fear of falling and the hope of a rebound. It’s like watching a seesaw with no one on either end. 🎢
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In the past 24 hours, 162,419 traders were liquidated, totaling a staggering $567.65 million. While crypto has often acted as a hedge during traditional market stress, today’s moves show it is not immune to global policy shocks. Volatility may persist as geopolitical uncertainty mounts. Buckle up, folks! 🎢
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2025-05-23 21:07