Bitcoin's price dropped to around $103,700 amidst escalating US-China tensions with total liquidations in the derivatives market reaching $844 million.
Over $226 million worth of BTC positions were liquidated in just one hour, predominantly long positions amounting to $220 million.
Major stock markets like S&P 500, Nasdaq, and Small Cap 2000 are down by more than 1%, while DJI is down by 0.6%.
Donald Trump accused China of violating agreements, hinting at retaliation, prompting market concerns, while China called for the US to correct its actions and uphold consensus.