The crypto markets are showing an upside reversal on October 17, following the recent Trump statements regarding China tariffs.
Bitcoin also bounced back after dropping to $103,000 levels earlier, amidst 24-hour crypto liquidations over $1 billion, panic selling, and BTC ETFs outflows.
24-Hour Crypto Liquidations
The general crypto market is down by over 5% in the past 24 hours, but it shows signs of a bullish reversal.
CoinGlass data shows that the crypto liquidations in the past 24 hours surpassed $1.23 billion, with almost $921 million in longs and almost $310 million in shorts.
The biggest 24-hour liquidations were on Hyperliquid at more than $397 million, followed by Bybit with almost $310 million and Binance with more than $271 million.
Previously, the renewed tariff threats between China and the US have triggered panic-selling amidst crypto liquidations and BTC ETFs outflows.
Bitcoin Price Trajectory
At the moment of writing this article, Bitcoin is trading above $105,000 after dropping to $103,000 levels earlier.
Bitcoin is still down by over 4% in the past 24 hours, but its trajectory is expected to resume its upward movement due to multiple factors, including Trump's latest statements about China tariffs.
Trump Dismissed Tariffs on China
The latest reports revealed that the US President Donald Trump announced he'll be meeting with China's President Xi in two weeks.
He reportedly said that he believes the US will be fine with China, noting that the high tariffs on China will not remain on the table.
After Trump's statements, the S&P 500 futures erased recent losses and are currently 75 points up from their overnight lows, according to data from The Kobeissi Letter.
The US-China trade war has been a factor that led to a decline in both traditional and crypto markets, and if this war comes to an end, it will translate into upward movements for both markets.
