Following Flash Crash, Where Do Bitcoin, Ethereum and Solana Go Next?
After Trump's tariff threat sent crypto tumbling, technical indicators paint a mixed picture of recovery for Bitcoin, Ethereum, and Solana.
The crypto market experienced a violent reminder that leverage is a double-edged sword when President Donald Trump announced a 100% tariff on all Chinese products starting November 1 on Truth Social.
This triggered a global chain reaction, causing Bitcoin to plunge from above $125,000 to below $102,000 and Ethereum to drop below $3,800.
- 1.6 million traders were liquidated
- $19 billion evaporated in the largest single-day wipeout in history
- Losses were worse than the FTX collapse in 2022 and the COVID market crash combined
Before the crash, the markets were bullish, with traders largely betting on new all-time highs across crypto, according to Myriad—a prediction market developed by Decrypt’s parent company Dastan.
Author's summary: Crypto market faces mixed recovery after flash crash.
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