Crypto Bulls Take a $600M Hit as Bitcoin Dips Below $104K
Market shakeup triggers massive liquidations amid tariff-driven sell-off
The crypto market faced a major shake-up after Bitcoin prices slipped below the $104,000 mark, sparking over $600 million in liquidations — the most significant losses since February. The downturn reflects broader market jitters, partially triggered by escalating trade tensions between the U.S. and China.
Here’s what happened:
Bitcoin's sharp decline led to a wave of forced liquidations, with nearly $688 million wiped from traders’ positions in just 24 hours. According to Coinglass, a staggering 89% of those liquidations came from long positions, underscoring how heavily bullish the market had become. The largest single liquidation was a $12.25 million BTC/USDT position on the OKX exchange.
Bitcoin-tracked futures were hit the hardest, losing over $153 million. Ethereum followed with roughly $122 million in liquidations. Other major cryptocurrencies, including Solana ($33 million), XRP ($30 million), and Dogecoin (over $22 million), also faced steep losses.
What's driving the sell-off?
Market analysts point to renewed concerns over U.S.-China trade tensions. President Donald Trump accused China of backtracking on a key agreement and responded by doubling tariffs on Chinese steel and aluminum to 50%. Though much of China's steel is already under existing tariffs, the move added fresh volatility to global markets including crypto.
What’s next?
Massive liquidations like these often signal market extremes. They can precede a price reversal, as overextended sentiment starts to unwind. Still, the combination of geopolitical tension and leveraged risk suggests more turbulence may lie ahead.