Bitcoin Recovers to Over $105K, Despite Trump’s China Tariff Rejection

Key Points

• Cryptocurrency markets show signs of recovery following recent dip and Trump’s China tariff statements.
• Bitcoin rebounds after falling to $103,000 amid $1 billion crypto liquidations and BTC ETFs outflows.

The cryptocurrency markets exhibited a positive turnaround on October 17, after a period of decline. This change was influenced by recent statements by Trump concerning tariffs on China.

Bitcoin also experienced a resurgence after previously falling to $103,000. This was amid a flurry of activity including over $1 billion in cryptocurrency liquidations within 24 hours, panic selling, and outflows from Bitcoin ETFs.

Crypto Market Fluctuations

The overall cryptocurrency market declined by over 5% in the last 24 hours, however, it’s now showing signs of a bullish reversal.

Data from CoinGlass reveals that cryptocurrency liquidations over the past day exceeded $1.23 billion. This included almost $921 million in longs and nearly $310 million in shorts.

The largest 24-hour liquidations occurred on Hyperliquid, exceeding $397 million. This was followed by Bybit with nearly $310 million and Binance with over $271 million.

Previous tariff threats between China and the US sparked panic selling amid cryptocurrency liquidations and BTC ETFs outflows.

Bitcoin’s Market Movement

At the time of writing, Bitcoin is trading above $105,000, bouncing back from an earlier drop to $103,000.

Despite being down by over 4% in the past 24 hours, Bitcoin’s trajectory is expected to continue its upward trend. This is due to various factors, including Trump’s recent comments on China tariffs.

Trump’s Tariff Decision

Recent reports revealed that US President Donald Trump announced a meeting with China’s President Xi in the coming weeks.

He reportedly expressed confidence in the US’s relationship with China, stating that the high tariffs on China will not remain in place.

Following Trump’s statements, the S&P 500 futures recovered recent losses and are currently 75 points up from their overnight lows, as per data from The Kobeissi Letter.

The US-China trade war has contributed to a decline in both traditional and crypto markets. If this conflict resolves, it could lead to upward trends for both markets.