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

Bitcoin and major cryptocurrencies experienced a significant sell-off recently, resulting in over $1.1 billion in liquidations, particularly in futures markets for Bitcoin and Ethereum. Bitcoin dropped below $108,000 and is about 15% off its record high reached earlier in the month. Ethereum also suffered a decline alongside other major altcoins. The downturn follows a meeting between U.S. President Trump and Chinese leader Xi Jinping, which investors evaluated as lacking in decisive outcomes, coupled with comments from Federal Reserve Chair Jerome Powell suggesting no further interest rate cuts may occur this year. Analysts interpret the market's reaction as a recalibration of investor expectations, as many had anticipated favorable conditions following the meeting and Powell's recent dovish stance. This sell-off highlights the ongoing volatility in the cryptocurrency space and the sensitivity of prices to macroeconomic news.

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