Bitcoin briefly rebounded above $90,000, driving volatility across the broader crypto market and triggering more than $1 billion worth of liquidations in the past 24 hours as traders adjusted positions amid sharp swings. The rebound followed comments by President Donald Trump that he would drop planned tariffs on European nations tied to discussions over Greenland and NATO cooperation — a shift that also lifted U.S. stocks and risk assets.
The sharp price action came after Bitcoin dipped toward roughly $87,000 earlier in the session, only to climb back as markets digested the news and renewed appetite for riskier assets. Data from derivatives platforms shows the price move wiped out more than $1 billion in leveraged positions, with both long and short traders forced out as prices oscillated. Bitcoin accounted for a significant portion of the liquidations, while altcoins like Ethereum and XRP also saw positions liquidated amid the broad bounce.
Market participants linked the moves to the broader macro backdrop, where geopolitical headlines and shifting tariff expectations can sway risk markets quickly. Trump’s announcement that he would “not be imposing the tariffs that were scheduled to go into effect” helped calm some downside pressure and sparked buying in both crypto and equity markets.
The episode underscores how macro political shifts and headline risk remain core drivers of near-term crypto volatility — especially in a market still digesting regulatory ambiguity and macroeconomic data — while leveraged traders continue to feel outsized impacts from sharp, intraday price moves.
The crypto market is entering the end of an era as CME Group officially launches 24/7 Bitcoin and…
Asset management giant VanEck has officially launched the first-ever U.S. spot ETF tied directly to BNB, the native…
Layer-1 blockchain Sui experienced another major network outage on May 28 after block production and transaction processing…
The Depository Trust & Clearing Corporation (DTCC) has announced plans to connect its tokenization infrastructure to the Stellar blockchain,…
Robinhood is officially entering the “agentic AI” era after unveiling a new beta feature that…
Bitcoin financial services company Fold has officially begun rolling out its long-awaited Bitcoin rewards credit card, allowing…