The global cryptocurrency market lost about 150 billion dollars
This is reported by ThePublic.info citing Bloomberg.
Bitcoin, the largest digital asset by market value, fell 3.75% to around $111,500 on Tuesday morning in London, while Ether dropped 7.5% to below $4,000.
Smaller, more volatile tokens declined even further, leading to a drop in the total market capitalization of all cryptocurrencies by over $150 billion in 24 hours, according to CoinGecko data.
The decline occurred after China imposed restrictions on American subsidiaries of Hanwha Ocean Co., one of South Korea's largest shipbuilders, in response to US measures against the Chinese shipbuilding sector.
Earlier, approximately $19 billion worth of leveraged cryptocurrency positions were liquidated following a sharp sell-off that began on October 10, after US President Donald Trump threatened China with harsher tariffs in response to new export restrictions.
Digital asset markets temporarily recovered to offset losses on Monday, but most major tokens began falling again.
The weekend sell-off was a sharp reset for cryptocurrencies. Investors withdrew $756 million from US-based Bitcoin and Ether exchange-traded funds on Monday, highlighting nervousness among traders.
