"Fake News on Tariff Deferral Causes Market Confusion... Futures Liquidation Nears $1.6 Billion in 24 Hours"

Following reports that U.S. President Donald Trump is considering a 90-day tariff deferral for all countries except China, subsequent reports labeling the news as fake led to a surge in cryptocurrency futures liquidation.

According to Coinglass data on the 7th (local time), $172.66 million was liquidated in the cryptocurrency futures market in the past hour. Notably, due to the tariff deferral reports, Bitcoin (BTC) surged to the $81,000 level, significantly increasing the liquidation of short (sell) positions. As a result, $116.23 million in short positions were liquidated, greatly surpassing the liquidation of long (buy) positions, which amounted to $56.43 million.

The 24-hour cryptocurrency market liquidation also saw a significant increase in short positions. The current 24-hour cryptocurrency liquidation stands at approximately $1.61 billion. Among this, the liquidation of short positions neared $372.54 million. Considering that the cryptocurrency market short position liquidation was $202.56 million around 8 PM today, this is a significant increase. During the same period, the liquidation of long positions recorded $1.24 billion, showing a slight increase compared to the liquidation amount ($1.22 billion) at 8 PM.

Meanwhile, as of 12:08 PM, Bitcoin is trading at $78,448 on the Binance USDT market, down 5% compared to 24 hours ago.