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$19B Liquidation in the Crypto Market Due to the US–China Trade War



To understand the scale of this liquidation, let’s look at some historical black swan events:
- COVID Crash: $1.2B liquidated
- FTX Collapse: $1.6B liquidated

However, today’s global crypto market cap is also about 10× larger than it was during the COVID crash and roughly 4× larger than when FTX collapsed.
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