XRP ETF on Verge? Top Expert Drops Major Clue

The Bank of Canada lowered its overnight rate to 2.5% on Wednesday, responding to mounting economic damage from US tariffs and a slowdown in hiring. The quarter-point cut was the first since March and met predictions from markets and economists. Governor Tiff Macklem, speaking in Ottawa, said the decision was unanimous. “With a weaker economy […]

Traders compare Blockchain FX and Based Eggman ($GGs) as token presales compete for attention. Explore which presale crypto stands out in the 2025 crypto presale list and attracts whale capital.

The post Did Trump’s Tariff Trigger A Crypto Purge Or Just A Panic? appeared on BitcoinEthereumNews.com. Did Trump’s Tariff’s cause the crypto purge? (Photo by Chip Somodevilla/Getty Images) Getty Images On October 10, 2025, the crypto markets were jolted by a shock from Trump’s tariffs on China. Per Reuters, President Donald Trump announced the imposition of 100 percent tariffs on critical software imports from China, effective November 1, along with export restrictions. The move came amid rising trade tensions over Chinese rare-earth and technology export controls. In the hours that followed, global financial markets reeled. The S&P 500 fell more than 2 percent, marking its worst single-day drop since April. Bitcoin dropped to around 104,782 dollars, an 8.4 percent slide, while Ethereum and other major Altcoins also declined sharply. The suddenness and speed of the fall sparked speculation and fear. Trump Tariff Announcement Triggers Historic Crypto Liquidations One fact is clear. In the crypto space, billions of dollars in leveraged long positions were wiped out in a cascade of forced liquidations. CoinDesk reports that more than 16 billion dollars in long positions were liquidated after the tariff announcement. Other sources suggest the total could be higher, with some platforms reporting broader losses. Across the crypto ecosystem, more than 1.6 million traders were liquidated, according to CoinDesk. On the Hyperliquid exchange alone, over 6,300 wallets were pushed underwater, with more than 1.2 billion dollars in capital lost. The speed of the selloff left few safe havens, and many altcoins fell between 20 and 40 percent within a single trading day. This drop was just after the All Time High (ATH) for Bitcoin. Bitcoin had previously hit an all time high. (Photo illustration by Dan Kitwood/Getty Images) Getty Images This was one of the largest liquidation events in crypto history, and it unfolded within hours of Trump’s tariff move. Trump’s Timing Sparks Whale Conspiracy Claims in Crypto Amid…