Bitcoin and Ether Liquidations Reach $988 Million Amid Trump-Musk Dispute
A Twitter exchange between President Trump and Elon Musk caused volatility in global markets, leading to a decline in major cryptocurrencies and nearly $1 billion in liquidations.
- Bitcoin dropped below $101,000 before a slight recovery.
- DOGE and ADA fell over 6% in the last 24 hours.
- The CoinDesk 20 Index decreased by more than 5%.
- Traders experienced losses of $988 million in liquidations, with $888 million from long positions.
- Bybit and Binance were significantly affected; Bybit saw nearly $354 million liquidated.
- Bitcoin led liquidations at over $342 million, followed by Ether with $286 million.
- Other tokens like SOL and DOGE had $51 million and $27 million liquidated, respectively.
- XRP faced $23 million in liquidations.
The situation indicates potential market extremes, suggesting an imminent price reversal as sentiment shifts. The sell-off follows Trump's accusations against Musk and threats regarding government contracts.