The crypto market witnessed more than $7.5 billion in positions liquidated within an hour following President Donald Trump's decision to impose a 100% tariff on China. As per the latest Coinglass data, $6.22 billion in long and $1.29 billion in short positions got wiped out during the period.

The White House budget office said Friday that mass firings of federal workers have started in an attempt to exert more pressure on Democratic lawmakers as the government shutdown continues.

In his post, Trump said China has been sending letters to countries worldwide saying it planned to impose export controls on every element of production related to rare earths.