Crypto Market Liquidations Total $291M as Bitcoin Reclaims $100K Level

The crypto market experienced significant liquidations, totaling around $291 million, or about ₱16.1 billion, in the past 24 hours as Bitcoin returned to the $100,000 mark.

The crypto market experienced significant liquidations, totaling around $291 million, or about ₱16.1 billion, in the past 24 hours as Bitcoin (BTC) returned to the $100,000 mark. This followed $BTC’s surge to $100,000, driven by continued optimism surrounding U.S.-China trade relations.

According to data from CoinGlass, liquidations on derivatives exchanges reached $291 million in the past 24 hours.

Among major exchanges, Binance registered the highest volume of liquidations at $106 million, followed by OKX with $90.3 million and FTX with $38 million.

The majority of liquidations occurred on short trades, amounting to $272 million, compared to $19 million on long trades.

Bitcoin price dropped to $99,806 by 01:38 Singapore time, giving up some of the gains from the previous day’s rally to 14-month highs.

BTC price fell after making gains to over $99,000, testing February 2022 levels, amid speculation around a U.S.-U.K. trade deal being finalized.

The deal, which will include Britain, could be a significant diplomatic breakthrough after months of tariff-fueled economic tensions. It will also see the Federal Reserve keep the preferred benchmark rate at 4.25% to 4.50%.

British papers reported on Monday that officials are working to complete the “small” trade deal by Friday, aiming to salvage a part of the post-Brexit trade agreement that was struck in principle in 2020 but later abandoned by the U.K.

The reports also stated that British officials are optimistic about reaching a trade deal with the U.S. by Friday, pending the arrival of a final legal text.

The news comes amid increasing speculation about a U.S.-U.K. trade deal, with U.S. President Donald Trump teasing the possibility of an announcement "very soon."

Earlier this month, Trump said that the U.S. is "very close" to striking a trade deal with the U.K. and that it could be announced "in the not-too-distant future."

The potential for a U.S.-U.K. trade deal has been a subject of speculation for several months, as the two countries have been engaged in talks to reduce tariffs and other trade barriers.

The talks have reportedly faced difficulties due to differences between the two sides on issues such as agricultural products and financial services. However, recent reports suggest that the two sides are making progress and could reach an agreement in the coming days.

A trade deal between the U.S. and the U.K. would be a significant development, given the close economic ties between the two countries. The two economies are also major players in the global financial markets.

The deal would also be a coup for Trump, who has made striking trade deals a priority of his administration.

The president has imposed tariffs on goods from China, Mexico, Canada, and the European Union in an effort to reduce the U.S. trade deficit and create jobs in the U.S.

Trump's trade policies have been controversial, with critics arguing that they will ultimately harm the U.S. economy and lead to higher prices for consumers. However, Trump's supporters say that his policies are necessary to protect the U.S. from unfair trade practices by foreign countries.

It remains to be seen whether the U.S. and the U.K. will be able to reach a trade deal by Friday. However, the recent reports suggest that the two sides are making progress and an agreement is within reach.

Another reason for the surge in $BTC is that Tokyo-based Metaplanet will issue another $25 million in bonds—its second such sale in days—to EVO FUND to purchase more of the cryptocurrency.

The 0% interest bonds will mature on November 6, 2025.

The company also recently acquired 555 $BTC for ¥7.63 billion ($53.5 million), bringing its total holdings to 5,555 $BTC—the largest among public companies outside North America.

Following the news, Metaplanet’s shares rose 11.5%.

Optimism over the upcoming U.S.-China trade talks on May 10 to 11 is also seen as a driver of $BTC’s price.

There are hopes that the talks will ease the ongoing tariff war—with the U.S. levying 145% tariffs and China imposing 125%—and cooperate in stabilizing the global economy, which bodes well for risk assets like crypto.