Crypto traders using leverage to bet on the price trajectory of Bitcoin are experiencing whiplash.
Over the past 24 hours, $655 million in leveraged crypto bets were liquidated, according to market data tracker CoinGlass.
The liquidations coincided with rapid updates on President Trump’s efforts to acquire Greenland and impose new tariffs on EU countries that have not followed his plan.
The day began with Bitcoin rising from $88,224 to $90,295, a move that liquidated over $75 million in shorts.
BTC then abruptly fell back to $87,304, liquidating around $145 million in longs.
This is when President Trump decided to roll back EU inbound tariffs, which took BTC all the way back to $90,203, liquidating over $200 million worth of shorts.
In total, BTC saw $96 million in long liquidations and $135 million in short liquidations in the last 24 hours.
Ethereum comes in second, with $126 million in long liquidations and $120 million in short liquidations over the past day.
Bitcoin’s price is $89,479 at press time, and ETH’s price is $2,988.
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