Bitcoin's Price Surges to $109K Upon Trump's EU Tariff Deadline Extension
In the ever-evolving world of cryptocurrencies, the market has shown a remarkable display of resilience in the past 24 hours, with the global crypto market capitalization rising to a staggering $3.56 trillion. This surge can be attributed to renewed investor confidence following the tariff delay announcement.
One of the key players in this market is Bitcoin (BTC), which has recovered to an impressive $109,000 after President Trump's announcement of delaying EU tariffs. The open interest for BTC contracts on Hyperliquid, a platform known for its low-fee structure and high-leverage options, has seen a significant rise of 20% in the last 24 hours, fueling speculation of a short-term price push.
However, this rise in open interest has also raised concerns about potential manipulation in the market. A notable event that contributed to this surge was an eight-year-old BTC holder transferring 1,176 BTC worth over $136 million to Hyperliquid and starting to sell. This move caused the open interest in BTC contracts to rise further and disturbed the market. Interestingly, this holder had previously swapped 35,991 BTC for 886,731 Ether (ETH) in recent months.
XRP, the third-largest cryptocurrency by market cap, is trading at approximately $2.35, showing modest upward movement. However, its momentum lagged behind larger caps in the altcoin market. Ethereum, the second-largest cryptocurrency, is trading around $2,560, with only an 8% increase over the past 7 days, indicating sluggish growth compared to Bitcoin's recovery.
The cryptocurrency market has not been devoid of turbulence, as evidenced by the past 24 hours' $200 million in liquidations. James Wynn, a whale on Hyperliquid, experienced this firsthand when he closed a $1.2 billion BTC long position on May 25, 2025, resulting in a loss of $13.4 million. Wynn then opened BTC short positions worth $1 billion, but closed them after 15 hours, incurring a loss of $15.87 million.
Despite these losses, Wynn's cumulative trades over the past 75 days netted an overall profit of $25.2 million. The activity on Hyperliquid, including Wynn's trades, has sent ripples through the cryptocurrency market, with some users noting the potential impact of whale moves on the platform. @CryptoInsiderX, for instance, posted about the risk of a liquidation cascade.
The market sentiment remains in the 'Greed' zone, signaling potential volatility. The ongoing uncertainty in the cryptocurrency market, despite the temporary boost from the tariff delay, is highlighted by the activity on Hyperliquid. As always, investors are advised to exercise caution and make informed decisions.
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