Trump`s Trade Wars Have Crypto Owners Spooked

The trade wars unleashed by US President Donald Trump have terrified cryptocurrency owners, causing many digital assets to fall in price significantly.

February 24 Trump said , that the increased customs duty of 25% on imported goods from Canada and Mexico will be introduced on schedule. This statement by the president caused a dump in the virtual currency market, and over the past XNUMX hours were liquidated positions worth $917,9 million, of which $844,7 million were longs. And the level of capitalization of digital assets fell by 4,7% to $2,98 trillion.

Liquidated Cryptocurrency Sell Positions

Fear and Greed Index for the day collapsed from 49 to 25 and thus moved from the neutral zone to the horror zone. Even Bitcoin owners succumbed to fear and were quite actively getting rid of their coins, as a result of which the BTC rate dropped below $91,000, but then corrected to $92,266.

Bitcoin Price Drops After Trump`s Speech

Cryptocurrency exchange analysts Bitfinex explained the decline in the price of Bitcoin and other cryptocurrencies by "macro-level uncertainty." Trump`s actions are destabilizing the situation and increasing the risk of inflation, so investors are being cautious and are not rushing to invest in risky assets. Because of this, bitcoin ETF withdrew $552,5 million during the week from February 17 to 21.