Trump's 'Tariff Enforcement' Causes Crypto Market Plunge... Massive Long Position Liquidation

The cryptocurrency market has collectively turned bearish, leading to massive long position liquidations. This is due to U.S. President Donald Trump's reaffirmation of tariff imposition on Canada, China, and Mexico, which has sharply dampened investor sentiment.

According to cryptocurrency data analysis firm CoinGlass, the total volume of liquidated positions in the past 24 hours reached $440 million (approximately 641 billion KRW). Of this, long position liquidations alone accounted for $390 million (approximately 567.7 billion KRW), making up 88% of the total liquidations. On this day, major cryptocurrencies such as Bitcoin (-1.3%), Ethereum (-5%), Ripple (-3.4%), and Solana (-6.5%) are all showing weakness on Binance Tether (USDT).

Meanwhile, the White House announced at a press briefing on the 31st (local time) that "tariffs of 25% on Mexico and Canada, and 10% on China will be imposed starting February 1st." This news has increased volatility across global financial markets, including the cryptocurrency market.