Crypto traders using leverage to bet on Bitcoin’s price trajectory are getting whiplash.
In the last 24 hours, $655 million in leveraged crypto bets have been liquidated, according to the market data tracker CoinGlass.
The liquidations coincided with rapid updates on President Trump’s push to acquire Greenland and impose new tariffs on EU countries that failed to go along with his plan.
The day began with Bitcoin rising from $88,224 to $90,295, a move that liquidated more than $75 million in shorts.
BTC then abruptly reversed back down to $87,304, liquidating around $145 million in longs.
That’s when President Trump decided to cancel the incoming EU tariffs, which brought BTC back up to as high as $90,203, liquidating over $200 million in shorts.
In total, BTC witnessed $96 million in long liquidations and $135 million short liquidations in the last 24 hours.
Ethereum is in second, with $126 million in long liquidations and $120 million short liquidations in the last day.
Bitcoin is priced at $89,479 at time of publishing, with ETH at $2,988.
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Generated Image: Midjourney