inkwave

The crypto market just witnessed its largest liquidation event in history after U.S. President Donald Trump reignited a trade war with China.

According to data from CoinGlass, nearly $20 billion worth of leveraged positions, mostly longs, were wiped out in the past 24 hours as major crypto assets formed massive downside wicks across the board.

Meanwhile, the total crypto market cap fell by nearly $850 billion before climbing back up to the $3.72 trillion mark. 

The Bitcoin price plunged 15% from its daily open, trading as low as $104,500 before bouncing back to $112,500 at press time. 

However, altcoins are faring significantly worse, with prices momentarily crashing by as much as 80%. In fact, the TOTAL3 market cap, which tracks the crypto market cap without BTC and ETH, just put a new cycle low against Bitcoin. 

Despite the Covid-esque flash crash, prominent analysts don’t believe that the crypto bull market is over just yet. In fact, several altcoins have reclaimed key support levels, indicating the possibility of a bullish reversal in the coming days.