The cryptocurrency market experienced sharp volatility this evening, with the price of Bitcoin (BTC) falling 1.47% in the last hour to $108,762.
The reason for the decline is shown as the lack of positive developments yet in the customs duties that US President Donald Trump announced to apply to China.
In the last hour, $190 million worth of positions were liquidated. $158 million of these liquidations consisted of long positions and $31 million consisted of short positions.
In parallel with Bitcoin's decline, the broader market also weakened. Ethereum (ETH) fell 2.27 percent to $3,911, BNB fell 2.97 percent to $1,136, and Solana (SOL) fell 2.55 percent to $188.
Among the top ten cryptocurrencies by market capitalization, XRP lost 1.57 percent, Dogecoin lost 2.30 percent, and Cardano lost 1.83 percent.
Experts say the Trump administration's renewed escalation of trade tensions with China is eroding investor confidence, leading to an exodus from risky assets and short-term selling pressure on volatile assets like Bitcoin.
According to liquidation data, a total of $647 million worth of positions were closed in the last 24 hours. Of this, $474 million were long positions and $172 million were short positions.
*This is not investment advice.
