Key Highlights:

Bitcoin prices have dipped below $104,000, resulting in a massive $600 million in liquidations, the highest since February. This significant drop reflects broader trends impacting global markets, which have been influenced by U.S. President Donald Trump’s tariff increases on Chinese imports.

The recent sell-off affected major cryptocurrencies, including Ethereum, XRP, and Solana, which experienced notable declines.

Liquidation Overview

In the last 24 hours, the crypto market witnessed a wave of liquidations, with a total loss hitting $688 million. A majority of these liquidations (89%) were from long positions, showcasing a predominantly bullish market. The largest liquidation recorded was a $12.25 million position on the BTC/USDT market at OKX.

As the market reacted to trade tensions, Alex Kuptsikevich, Chief Market Analyst at FxPro, commented, “Markets went red on Friday on renewed tariff-related apprehensions.”

Trump’s recent actions, accusing China of breaching a trade agreement and subsequently raising tariffs on steel and aluminum by 50%, have sparked fears of further market instability. With such developments, traders are now wary of future volatility and market corrections.