The cryptocurrency market experienced a downturn as Bitcoin briefly fell below 110,000 USD, leading to significant liquidations totaling 524 million USD. Ethereum and XRP also faced declines, with traders adjusting positions based on bearish sentiment.
Ongoing U.S.-China trade tensions are driving a de-risking trend in the cryptocurrency market, prompting traders to hedge against potential further declines. Overall market sentiment remains cautious as volatility persists.
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