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

Bitcoin experienced a significant drop following a meeting between U.S. President Donald Trump and Chinese leader Xi Jinping. The meeting, while touted as 'amazing' by Trump and resulting in a halt to tariffs, failed to reassure markets. Bitcoin plummeted over 4% and traded below $108,000, now nearly 15% below its all-time high of $126,080 earlier this month. Ethereum also saw a decline, dropping approximately 5%, while other major cryptocurrencies suffered similar fates. Liquidations in the crypto futures market exceeded $1.1 billion, with around $500 million attributed to Bitcoin and over $250 million from Ethereum, signaling a poor sentiment among traders amidst uncertainty from interest rate decisions by the Federal Reserve. Market analysts indicated that the lack of concrete outcomes from the Trump-Xi meeting and mixed signals from the Federal Reserve regarding future interest rate cuts contributed to this sell-off, with many investors adjusting their positions accordingly.

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