Cryptocurrency prices tumbled after US President Donald Trump said he would impose an additional 100% tariff on China and export controls on software. Traders saw more than $7 billion in positions liquidated in less than an hour, according to data from Coinglass.

Bitcoin initially fell more than 12 per cent after Trump made the announcement via a post on his Truth Social platform. The largest token, which had earlier this week reached an all-time high of more than $125,000, was trading around $113,000 as of Friday evening in New York.

Weakness in the crypto market had already been present coming into Friday. Over the past 24 hours, bets worth some $9 billion in bets on cryptoassets have been wiped out, including $7.5 billion in long positions and $1.5 billion in shorts in the largest liq

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