Bitcoin, Ethereum Bulls Get Rekt: Liquidations Top $1.1 Billion as Prices Fall After Trump Meets Xi
Bitcoin and other major cryptocurrencies faced significant sell-offs, with liquidations exceeding $1.1 billion following a meeting between U.S. President Trump and China's Xi Jinping. Bitcoin dropped to around $108,000, marking a 15% decline from its recent all-time high of over $126,000. Significant sell-offs affected other top cryptocurrencies like Ethereum and Solana, leading to liquidations of nearly $500 million for Bitcoin and over $250 million for Ethereum. The downturn coincided with statements from the Federal Reserve indicating interest rates may not be cut again this year, which traditionally harms crypto and stock markets. Investors seemed to react to mixed signals from the meeting between Trump and Xi, with no clear positive impact on market sentiment. Michael Saylor, co-founder of a crypto firm, maintains a bullish outlook, projecting Bitcoin could reach $150,000 by year's end despite recent volatility.
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