🚨🚨🚨 The cryptocurrency markets witnessed a sharp decline on Tuesday morning, leading to the liquidation of long positions exceeding $500 million 💰 and erasing earlier gains, as the price of Bitcoin (BTC) fell from its weekend highs, amid traders' reactions to easing trade tensions between the United States and China.

✨ Data from 📈 "CoinGlass" showed that over $530 million in long positions were liquidated in the past 24 hours, including nearly $200 million from Bitcoin futures contracts and $170 million from Ether (ETH) products.

🔥 Major cryptocurrencies bore the brunt of this decline, with Dogecoin (DOGE) and Cardano (ADA) dropping by as much as 7% each, while Solana (SOL), Ripple (XRP), and the BNB cryptocurrency from the BNB Chain fell between 5% and 6%.

🔥 This liquidation came as an indicator of a trend reversal after the enthusiastic rally seen in the markets last week, where Ether recorded gains of 40%, and alternative cryptocurrencies (altcoins) achieved double-digit gains, due to short squeeze pressures. This wave led to the liquidation of short positions exceeding $1 billion — the highest level since 2021 — and temporarily pushed the price of Bitcoin above $104,000 before the momentum eased.