Talks of tariffs on US trade partners triggered a sharp downturn in digital assets and significant volatility in financial markets over the weekend and into Monday morning.
On Saturday, President Trump announced via Truth Social that he had imposed a 25% tariff on imports from Mexico and Canada, and an additional 10% tariff on China.
Immediately following Trump’s announcement, Bitcoin (BTC) lost the $102,000 level and plunged as low as $92,776 on Coinbase.
According to crypto data aggregator Coinglass, over $2.27 billion was liquidated, mostly by traders trying to leverage long Bitcoin positions.
However, according to ByBit CEO Ben Zhou, the real amount of liquidations was likely up to four times higher.
Posting on the social media platform X, Zhou says over $2 billion was liquidated on ByBit alone, meaning Coinglass’s numbers are inaccurate, likely because of limitations in the APIs that feed the liquidation data.
“I am afraid that today’s real total liquidation is a lot more than $2B, by my estimation it should be at least around $8-10b. FYI, Bybit 24hr liquidation alone was $2.1B.
As you can see in below screenshot, Bybit 24hr liquidations recorded on Coinglass was around $333m, however, this is not all of the liquidations. We have api limitation on how much feeds are pushed out per second. From my observation, other exchanges also practice the same to limit liquidation data. Moving forward, Bybit will start to PUSH all liquidation data. We believe in transparency.”
After markets reacted to the tariff news, Trump announced that after a “friendly” conversation with Mexican President Claudia Sheinbaum, they agreed to postpone the tariffs for one month to allow for negotiations. Sheinbaum conf
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Author: Alex Richardson
