Steep US$1 billion drop for crypto with Trump tariff storm brewing
Cryptocurrencies fell steeply amid fears of tariff wars, with ether once plunging by 30 percent.
According to data from CoinGlass, the cryptocurrency market has seen liquidations surpassing US$1 billion (HK$7.8 billion) in 24 hours. Bitcoin once fell nearly 10 percent and stood at HK$733,534.56 at noon while ether recorded HK$19,907.33.
In Hong Kong, bitcoin stocks also fell sharply, with Boyaa Interactive International (0434) dropping nearly 9 percent and OSL Group (0863) losing nearly 10 percent in the morning session.
US President Donald Trump recently announced the imposition of a 25 percent tariff on goods from Canada and Mexico, and an additional 10 percent tariff on Chinese goods.
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