Bitcoin, Ethereum Bulls Get Rekt: Liquidations Top $1.1 Billion as Prices Fall After Trump Meets Xi

Bitcoin and Ethereum experienced significant sell-offs amidst negative market reactions to U.S. Federal Reserve comments and President Trump's meeting with Chinese leader Xi Jinping. Bitcoin dropped to below $108,000, falling over 4% within 24 hours and remaining nearly 15% down from its October peak of $126,080. Ethereum also saw a decline of about 5%, with many altcoins facing even steeper losses. The total liquidations in the crypto futures market exceeded $1.1 billion, largely driven by bets on rising prices for Bitcoin and Ethereum. The downturn followed indications from Federal Reserve Chair Jerome Powell that further interest rate cuts may not occur this year, adding to market uncertainties. Adjustments in investor positions reflected a response to these mixed signals, resulting in heightened volatility across cryptocurrencies. Despite this turmoil, some analysts remain optimistic about Bitcoin's long-term trajectory, projecting a recovery towards higher values by the year's end.

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