The ricochet in crypto prices follows a disastrous Friday that saw more than $19 billion in traders' positions evaporate. It was the largest one-day liquidation event ever tracked by the crypto analytics company CoinGlass. In less than 24 hours, Bitcoin shed more than $200 billion in market capitalization and dropped nearly 10% in price. And Ethereum was hit even harder, dropping almost 14%.
The upward move in oil comes as investors digested signs of trade relief following recent remarks by U.S. President Donald Trump, alongside stronger-than-expected Chinese trade data. According to Reuters, the rebound was further supported by a series of potential geopolitical flashpoints, from rising tensions in Ukraine to renewed risks of escalation in the Middle East, that together injected a fresh risk premium into energy markets.
A post on X by The Kobeissi Letter captured the scale: "It's official: Crypto just saw its LARGEST liquidation event in history with 1.6 MILLION traders liquidated. Over $19 BILLION worth of leveraged crypto positions were liquidated in 24 hours, 9 TIMES the previous record." It notes it marked a single-day swing in Bitcoin's market cap of a $380 billion.
"The global economy has remained resilient, but the full effects of higher tariffs and policy uncertainty have yet to be felt. Global economic growth is projected to slow, and significant risks remain, as well as concerns about fiscal sustainability and financial stability," OECD Secretary-General Mathias Cormann said.
The European Commission has fined Alphabet's Google (GOOG) €2.95 billion, or about $3.2 billion, for what it calls abuse in its online advertising business. The case centers on what regulators describe as "self-preferencing," where Google gave its own ad services an edge over rivals. Google now has 60 days to explain how it will comply, or face the possibility of more decisive action, which could include a forced sale of parts of its ad unit.
Founded by China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan in 2001, the summit has shifted focus over the past two decades from Central Asian concerns to global matters. More significantly, the SCO has become an essential part of China's parallel international governance architecture, said Eric Olander, editor-in-chief of the China-Global South Project. As Beijing assumes the mantle of the world's second-largest superpower, the SCO has created spaces for dialogue and cooperation outside the US-led international system, Olander told Al Jazeera.
Nvidia's business in China will be the focus of investors when the AI chipmaker reports earnings on Wednesday, following an unusual deal with the Trump administration and Beijing's subsequent efforts to stall imports. Caught in the crossfire of Washington and Beijing's ongoing trade war, the fate of Nvidia's China business hangs on where the world's two largest economies land on tariff talks and chip trade curbs.
The prevailing softness reflects mounting concerns regarding global demand in the context of escalating trade tensions between the United States and its trading partners, including the European Union.
The euro was at a three-week low against the US dollar as renewed trade tensions, fueled by President Trump's tariff announcement, weighed on the common currency.
The OECD has lowered the UK economic growth forecast for 2026 from 1.2% to 1% due to heightened trade tensions and elevated uncertainty.
The US Dollar edged higher on Tuesday, stabilizing after a decline at the start of the week, though it remained near multi-week lows.
A new survey by the European Central Bank suggests that President Donald Trump's tariffs on EU products could trigger a major, long-lasting change in European consumer habits.
