Bitcoin Tumbles Below $108K Amid Disappointing Trade War Outcomes
Bitcoin (BTC) dropped below $108,000 on Thursday as traders reacted to disappointing outcomes from President Trump's meeting with Chinese leader Xi Jinping and Federal Reserve signals about future rate cuts.
The decline pulled major cryptocurrencies down, with Ethereum (ETH), Solana, and other tokens experiencing significant losses. Ethereum slid 5% over 24 hours, trading just above $3,782, while other top coins by market capitalization, including XRP and DOGE, all traded lower by 6%.
Liquidations in the crypto futures market soared past $1.1 billion over the past day, with nearly $500 million of liquidations coming from Bitcoin alone, and more than $250 million from Ethereum.
Strahinja Savic, head of data and analytics at FRNT Financial, attributed the sell-off to short-term mixed signals. 'The market was expecting a green light to go risk-on,' he said. Instead, Federal Reserve Chair Jerome Powell hinted that future rate cuts are not a certainty.