Bitcoin ‘Tuk’ Altcoins More Than 8% In Two Days Also Fall In Price

[Photo by Yonhap News] 사진 확대

[Photo by Yonhap News]

Bitcoin, a cryptocurrency market leader, continued to weaken on the 11th (local time) due to rising tensions between the U.S. and China. As it fell to the $109,600 range and once the $110,000 level collapsed, some analysts say it is a “corona-class nuclear bomb.”

According to Coinbase, a U.S. cryptocurrency exchange, the price of each bitcoin was traded at $111,178 at 6:53 p.m. ET (3:53 p.m. in the West), down 2.15% from 24 hours ago.

Compared to trading around $120,000 the morning before, it is down more than 8% in two days. Compared to the record high of $126,200 recorded on the 6th, it plunged more than $15,000.

Ethereum, the second largest market capitalization, fell 3.58% to $3,748, and XRP (Ripple), which had plunged more than 10% the previous day, rebounded 3.56% to $2.39.

Solana fell sharply again 9.91%, retreating to $177.19 and Dogecoin also fell 2.99% to $0.18.

According to CoinGlass, a coin data analysis company, traders who made long positions (rising bets) were forced to liquidate a total of $7 billion (about 10 trillion won) due to the plunge.

The plunge began when U.S. President Donald Trump posted a message on Truth Social on social media (SNS) the previous day suggesting that trade tensions with China are rising.

In response to China’s export control of rare earths, President Trump posted, “We were scheduled to meet with Xi Jinping (Chinese President) at the APEC (Asia-Pacific Economic Cooperation) meeting in Korea in two weeks, but now there seems to be no reason for that.” He later said, “We will impose an additional 100% tariff on China from the 1st of next month.”

“A terrible plunge…It could be a big band of forces.”

Experts evaluated the plunge as comparable to the plunge during the COVID-19 period in 2020.

Famous trader Bob Lucas wrote on social media X (X, formerly Twitter), “It’s a COVID-class nuclear bomb. It’s a horribly violent move, but at the same time, it could be a “mother of shockouts.”

Ram Ahluwalia, founder of investment firm Lumida Wells, said, “Trump’s news and overheated market conditions have caused a sharp decline,” while another famous trader, Pentoshi, said, “This crash is so extreme that it is one of the top three in history.” Altcoins also plunged as much as during the COVID-19 crash, he explained.