Bitcoin (BTC) Plunges After Tariff Negotiations… $500 Million Long Position Liquidated

Bitcoin, which had surpassed $100,000 due to news of tariff negotiations between the US and China, experienced a sharp decline, resulting in a $500 million liquidation. On the 13th, during Asian trading hours, Bitcoin rose to $102,000 on news of a 90-day tariff suspension between the US and China. However, as New York trading began, it dropped to $100,700. Traders turned cautious ahead of the US Consumer Price Index (CPI) announcement. Jeff May, COO of BTSE, analyzed, "The current market is focusing on macroeconomic factors, with particular attention on the June Federal Reserve meeting." According to CoinGlass, a total of $500 million (approximately 71 billion won) in long positions were liquidated in this downturn. Bitcoin futures lost about $200 million (approximately 284 billion won), while Ethereum lost $170 million (approximately 241.4 billion won). Altcoins were also significantly impacted. Doge and ADA dropped by around 7%, while SOL, XRP, and BNB fell by 5-6%. This comes in the aftermath of Ethereum's recent 40% surge and Bitcoin breaking $104,000, which triggered a large short position liquidation. Experts suggest that while the US-China tariff easing helped the stock market, it also served to calm speculative trading in cryptocurrencies. The futures open interest at major exchanges decreased by $1.2 billion. The market is now focusing on the June Fed meeting. BTSE's May emphasized the importance of the Fed's stance, suggesting that a shift to a more accommodative position could stimulate economic activity and be positive for cryptocurrencies. However, investors are expected to maintain a cautious approach in preparation for volatility until then.