Why Bitcoin price just plummeted under $104k to lowest level since June
US-China tariff tensions fuel Bitcoin's downward spiral, with leveraged traders incurring massive losses.
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US-China tariff tensions fuel Bitcoin's downward spiral, with leveraged traders incurring massive losses.
Oluwapelumi Adejumo 3 min read
While derivative markets underwent historic deleveraging with $19 billion in futures open interest wiped out, several macro developments are aligning to support crypto's next leg higher.
Market top signal reached: This time last cycle Bitcoin entered a bear market.
Liquidations and ETF outflows coincided with broader risk-asset weakness stemming from escalating US-China trade tensions over rare-earth export controls.
Realized support sits at $107K while flow data show U.S. ETFs still absorbing late-phase distribution.
Despite a sharp market rebound, over $626 million in losses highlight persistent volatility and uncertainty in the crypto space.
Massive sell-off causes over $7 billion in liquidations, exposing crypto's structural weaknesses during volatile trading.
Trump accused China of attempting to monopolize rare-earth elements and announced plans for a massive increase of tariffs on Chinese products.
The combination of ETF flows, macro tailwinds, and gold's record performance created favorable conditions for Bitcoin.