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

Bitcoin and other major cryptocurrencies saw significant drops after President Trump's meeting with Chinese leader Xi Jinping. Bitcoin fell about 4% to just below $108,000, while Ethereum decreased by 5%, affecting altcoins even more severely. Over $1.1 billion in liquidations occurred in the crypto futures market, mainly from bullish positions on Bitcoin and Ethereum. The sell-off stems from the Federal Reserve indicating that further interest rate cuts this year are unlikely, alongside the lackluster outcomes from the Trump-Xi meeting. This news disappointed traders who expected more positive signals for risk investments. Despite this downturn, some experts, like Bitcoin bull Michael Saylor, maintain an optimistic outlook, predicting a rise to $150,000 by year-end amidst diminishing volatility and clearer market trends.

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