As global uncertainties owing to Donald Trump's tariff war continues, its consequences are far-reaching and are also reaching the shores of the crypto world.
Crypto Liquidation Frenzy
As per reports, a total of USD 2.16 billion was liquidated by the sale of cryptocurrencies in just 24 hours. This amount, as per current exchange rates, would amount to Rs 1,88,19,45,36,000 or around Rs 18,000 crore in Indian currency.
This sell-off and drift away from cryptocurrencies has affected currencies across the board. Here, the mainstream Ether or Ethereum was the biggest casualty. An amount of over USD 500 million was liquidated from Ether.
Other major losers in this mix include the likes of Bitcoin, the largest of all the cryptocurrencies. The list also included other digital currencies, including Ripple, Solana and one of Elon Musk's preferred, DOGE.
In addition to these seasoned coins, the newbies on the block, including the likes of US president Donald Trump's meme-coin, $TRUMP, along with his wife and US First Lady Melania Trump's $MELANIA saw their value diminish.
Worst Liquidation Ever
Many crypto enthusiasts and observers have now noted this development,
Another user underscored the massive losses suffered in the day. The user said, "In the past 24 hours, over $2.16 billion across the crypto market was liquidated. This was the single-largest liquidation event in the history of these markets—beating COVID and FTX. Insane."
These developments come at a time, when the Asian indices, may it be Japan's Nikkei, China's Hang Seng or the Indian indices, Sensex and Nifty have suffered significant losses in the intraday trade.
Many users on X have argued that this is the biggest such sell-off since the debacle that followed the fall of LUNA. It even went past, the collapse following the fall of Sam Bankman-Fried's FTX. Moreover, this decline also appears to have gone past the fall experienced during Covid 19.
