Analysts: The collective plunge of cryptocurrencies is related to Trump’s latest remarks

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ODAILY
03-04
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Odaily reported that the cryptocurrency market experienced a collective plunge on March 4th. Bitcoin briefly fell below $83,000, with a 24-hour drop of over 11%. Ethereum fell more than 17%, and ADA fell over 28%. Coinglass data shows that over $100 million in cryptocurrency contracts were liquidated, affecting more than 310,000 people. In the secondary market, Hong Kong-listed cryptocurrency concept stocks also mostly declined, with Boyaa Interactive falling over 13%, Kuaishou Technology falling over 21%, and OSL Group falling over 3%. Analysts pointed out that the latest plunge in the crypto market is related to the latest remarks by Trump. On March 3rd local time, Trump stated that reciprocal tariffs will be imposed starting April 2nd, and a 25% tariff on goods from Mexico and Canada will take effect on March 4th. After the news spread, investors' concerns about the "trade war" intensified, leading them to sell off risk assets such as US tech stocks and cryptocurrencies.

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