Sino-US trade war on the brink of breaking out, Bitcoin drops by 3%, long positions liquidated over $750 million.

Due to market concerns about the potential outbreak of a trade war between Europe and the United States, which further impacted the already fragile market sentiment, Bitcoin, Ethereum, and the entire cryptocurrency market experienced a sudden crash earlier today. Data shows that the price of Bitcoin dropped from $95,500 at 5 pm Eastern Time on Sunday to $92,474 at 9 pm the same night, a decrease of 3% in just a few hours. Other mainstream cryptocurrencies such as Ethereum, Ripple, and Solana also followed Bitcoin's downward trend. According to publicly available data compiled by the cryptocurrency data analysis platform Coinglass, the liquidation of long positions in the cryptocurrency market exceeded $750 million in the past four hours due to this crash. Analysts believe that the trigger for this crash was the market's concern about the imminent trade war between Europe and the United States. "Compared to other asset classes, the weakness of the cryptocurrency market continues," said Min Jung, Assistant Researcher at Presto Research Institute. "Although concerns about the Europe-US trade war have had a significant impact on market sentiment, other risky assets such as the South Korean composite stock price index have remained stable or even risen. This indicates the unique decline in the cryptocurrency market, as investors are turning to other risky assets - a trend that has persisted, even as most markets have rebounded, cryptocurrencies continue to lag behind."