Bitcoin Briefly Reclaims $100K Before Sliding Back Amid Market Turbulence

The cryptocurrency market is experiencing significant volatility, with Bitcoin recently peaking at $100,000 before dropping to $98,436 following a temporary suspension of US tariffs on Mexico and Canada.

Liquidations Overview

Tuesday's market turbulence resulted in liquidations totaling $545.59 million, impacting nearly 195,000 traders.
Long traders faced the largest losses of $310.33 million, while short sellers lost $233.69 million.
Major contributors to this liquidation included Bitcoin, Ethereum, and Dogecoin, with losses of $163.29 million, $117.13 million, and $29.56 million respectively.
Just a day earlier, the market had already lost over $2.24 billion.

Bybit CEO Comments on Liquidation Estimates

Bybit CEO Ben Zhou suggested that actual liquidation losses could reach $8-10 billion, significantly higher than reported figures.
Zhou indicated that Bybit alone experienced $2.1 billion in liquidations, contradicting the lower estimates from CoinGlass.
He attributed discrepancies to API limitations on exchanges and announced plans for increased transparency regarding liquidation data.

Market Sentiment

Despite Trump's tariff pause providing temporary relief, Bitcoin's inability to maintain its price above $100K highlights ongoing market fragility. In the past few hours, over $111 million was erased from the market, predominantly on centralized exchanges, with Binance accounting for over 35% of losses.