Just below a month in the past, cryptocurrency investors cheered as bitcoin hit a report of $US126,251. Immediately, the world’s hottest crypto faces a huge test as scarred merchants stay on the sidelines following a brutal few weeks.
The violent reversal in sentiment started in early October when US President Donald Trump slapped a further 100 per cent tariff on Chinese language imports. That triggered the largest liquidation event in crypto history as $US19 billion ($29.3 billion) in leveraged positions was worn out in lower than 12 hours, an occasion from which confidence is but to get well.
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