Bitcoin slipped below $93,000 as risk-off sentiment swept through global markets. Trade war concerns fueled the selloff, with tariff threats creating fresh headwinds across assets—gold hit record highs while crypto derivatives saw heavy liquidations.

The damage? A staggering $357 million in leveraged positions got wiped out as traders rushed to reduce exposure. It's a sharp reminder of how macroeconomic uncertainty can cascade through crypto markets, especially when margin players are heavily positioned. The combination of rising geopolitical tensions and shifting policy signals created the perfect storm for a quick deleveraging cycle.

When risk appetite cools, Bitcoin typically bears the brunt. Not because the fundamentals shifted overnight, but because traders holding overleveraged long positions get flushed out en masse. Watch for whether support holds here or if we're looking at further downside if sentiment doesn't stabilize.