Black Monday: Trump tariffs could wipe out up to $10 billion in cryptocurrency

As prices of major crypto assets plummeted on the 3rd in the aftermath of U.S. President Donald Trump's imposition of tariffs, an analysis has emerged that the liquidation amount in the futures market could reach up to $10 billion.
On the 1st (local time), President Trump imposed tariffs on major trading partners Canada, Mexico, and China, causing the cryptocurrency market to crash.
According to CoinGlass data, $2.24 billion in crypto assets were liquidated in the futures market in the 24-hour period on the 3rd.
In response, Ben Jobibit CEO (CEO) said on the same day that he
"Today's liquidation volume is far more than $2 billion," he said. "Bybit alone liquidated $2.1 billion in the past 24 hours. The actual liquidation amount is at least $8 billion, but it is estimated that it is much higher than $2.1 billion."
"The total import tariffs will be $10 billion," he said. Meanwhile, President Trump announced plans to impose tariffs on superconductors, oil, gas, steel, and copper with the EU starting from February 18.