Bitcoin’s tariff shock has deepened, sharpening the question at the heart of this move. What began as a geopolitical jolt has now turned into a full-blown leverage unwind. On Wednesday, Bitcoin slid 4% to around $88,000, extending losses as risk aversion spread across equities, bonds, and currencies. In just 24 hours, total crypto liquidations swelled beyond $1.07 billion, underscoring how quickly sentiment has shifted. This latest leg lower comes as investors increasingly rotate away from US risk exposure altogether. Gold surged to fresh record highs, the dollar weakened, and Wall Street suffered its steepest drop ... (full story)