More than $150 million in crypto long positions were wiped out on Thursday following U.S. President Donald Trump’s meeting with Chinese President Xi Jinping in South Korea. Despite heavy liquidations, the broader crypto market rebounded during the early European session, with Bitcoin (BTC), Ethereum (ETH), and XRP recovering from Wednesday’s losses.
JUST IN: 🇺🇸🇨🇳 $150,000,000 worth of crypto longs liquidated following President Trump's meeting with Chinese President Xi Jinping.
— Watcher.Guru (@WatcherGuru) October 30, 2025
According to CoinGlass, total liquidations over the past 24 hours exceeded $812 million, with $611 million in long positions and $200 million in short positions. The latest wave followed the high-stakes Trump-Xi trade discussions, which led to short-term volatility across risk assets before prices stabilized.
The total crypto market capitalization now stands at $3.74 trillion, marking a 1% recovery at press time. Bitcoin trades around $110,000, Ethereum is near $3,900, and XRP is at $2.55, reflecting a gradual improvement after Wednesday’s downturn.
Trade Talks Ease Tensions in Crypto Market
The Busan meeting concluded on an upbeat note, with both nations agreeing to a one-year rare-earth export deal, renewing soybean purchases, and holding discussions on semiconductors with NVIDIA. In exchange, the U.S. reduced tariffs on Chinese goods from 57% to 47% and imposed a targeted tariff on fentanyl.
The diplomatic settlement brought temporary relief to risk assets. Analysts stated that any progress in U.S.–China relations tends to calm markets and support digital assets by reducing uncertainty. A similar response occurred after the 2019 Osaka Summit, when Bitcoin surged amid renewed trade cooperation.
Fed’s Cautious Tone Adds to Bitcoin Market Stress
Part of the recent volatility stemmed from remarks by Federal Reserve Chair Jerome Powell, who downplayed expectations for further rate cuts after the Fed trimmed interest rates by 25 basis points to a range of 3.75%–4%.
“A further reduction in the policy rate at the December meeting is not a foregone conclusion,” Powell said, citing uncertainty caused by the U.S. government shutdown. The statement rattled investors already concerned about slowing economic growth, sparking liquidations across the derivatives markets.
Institutional sentiment also weighed on prices earlier in the week. Spot Bitcoin ETFs recorded $471 million in outflows on October 29, while Ethereum ETFs saw $81 million in redemptions. None of the 12 active Bitcoin funds reported inflows, though BlackRock’s ETHA fund drew modest capital.
The CoinRemark Team
Brenda Kanana
