Bitcoin Spike to $90K Boosts Crypto Liquidations Above $1 Billion as Trump Dumps Tariffs
President Trump’s remarks in Davos that the U.S. will not impose new tariffs on European countries after discussions with NATO’s Secretary General triggered significant swings in both crypto and stock markets Wednesday. Bitcoin rebounded above $90,000 following a sharp dip to nearly $87,000, before settling around $89,574. The S&P 500, Nasdaq, and Dow all climbed roughly 1.5% for the day, while major cryptocurrencies such as Ethereum and XRP also saw strong gains. However, the volatility led to over $1 billion in crypto liquidations over 24 hours, with long positions suffering the majority of losses. Bitcoin and Ethereum were the most impacted, accounting for $426 million and $366 million in liquidations, respectively. On prediction markets, the perceived likelihood of Trump making a formal offer to acquire Greenland before July rose to 56%, up 14% in one day.
