Bitcoins price has tumbled to a low of around $103,700 over the past couple of hours.

At the time of this writing, BTC has pulled back to around $104,100, bringing the total liquidations across the derivatives market to around $844 million, according to Coinglass.

Source: TradingView Over the past one hour alone, the liquidated BTC positions surpassed $226 million, where a whopping $220 million of that were longs.

This comes as broader stock markets also chart notable declines. The SP 500, Nasdaq, and the Small Cap 2000 are all down by more than 1%, while the DJI is down by 0.6%, at the time of this writing.

The drop comes amid escalating tensions between the US and China. Donald Trump said that China has violated the agreement, ending his post on Truth Social in a way that promises retaliation. It appears that the markets are bracing for it.

Meanwhile, China responded, urging the US to immediately correct its erroneous actions, cease discriminatory restrictions against China and jointly uphold the consensus reached at the high-level talks in Geneva.