The cryptocurrency market has witnessed a massive surge in liquidations, with a total of $573 million wiped out in just 24 hours, as Bitcoin (BTC), Ethereum (ETH), and XRP prices soared. This sharp movement has caught many traders off guard, especially short sellers who bore the brunt of the market’s unexpected shift.
Key Highlights:
$573 million in crypto liquidations occurred over 24 hours, affecting 156,601 traders.
Bitcoin’s breakout saw its price surge by over 8%, jumping from $74,589 to $82,942, triggering a major liquidation event. BTC alone saw $225 million in liquidations, with short positions suffering the most.
Ethereum and XRP also experienced significant liquidations, with Ethereum’s short positions accounting for $99 million and XRP’s for $17.29 million.
This market movement was largely driven by President Trump’s 90-day tariff pause, which provided an unexpected boost to the prices of Bitcoin and altcoins, despite ongoing trade tensions, particularly with China.
What Sparked the Rebound?
The sharp rally began when President Trump announced a 90-day pause on tariffs for 75 countries, a policy shift that sparked optimism in global markets. The announcement sent Bitcoin and altcoins on a price rebound, although the crypto market remains volatile, as the threat of further tariff escalations looms.
In particular, Bitcoin has shown resilience, not dropping below $74,000 since the start of April, and some industry experts are bullish on the future, with projections like Bitwise’s $1 million BTC price target making waves.
Despite the market volatility, industry figures like Bitcoin advocate Samson Mow are optimistic, labeling the recent price move as a “mini-Godzilla candle,” implying further upward momentum for BTC.
What’s Next for Crypto?
While some analysts expect a temporary dip followed by another surge (“dip, then rip”), the question remains whether the market can sustain this rally or if upcoming geopolitical shifts, especially from China, will offset recent gains. The crypto community is watching closely, particularly the ongoing dynamics between traditional finance and decentralized assets.
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