Trump-Musk conflict shook the crypto market: Long position of $ 800 million was liquidated
The twitter tension between Trump and Musk created a domino effect in crypto markets. Bitcoin fell below $ 101,000, while bybit and Binance, over $ 800 million in Long positions have been liquidated.
In the morning of June 6, there was a large wave of liquidation in the crypto currency markets. Former US President Donald Trump and Elon Musk between social media, the hard -to -say, has created a spark effect in the already tense markets. Bitcoin hangs below $ 101,000, while hard sales were seen in large assets such as Ethereum, Solana and Dogecoin.
Coings, a market analysis platform, reported that a total leverage of $ 988 million in the last 24 hours has been liquidated, which is about 888 million dollars of long (upward) positions. This indicates sudden losses with the opposite of the market in an environment where the majority of traders are in the expectation of rise.
The biggest blow is in Bybit and Binance
Most of the liquidations took place in Bybit and Binance Exchanges.
Bybit was the most liquidated platform with a total of $ 354 million.
Binance followed him and saw a serious liquidation volume.
According to CoNSS data:
342 million dollars in Bitcoin positions,
On the Ethereum side, 286 million dollars took place.
51 million dollars, solana
Dogecoin 27 million dollars,
XRP suffered a loss of 23 million dollars.
In addition, high -risk memecoin processes such as 1000PEPE also had a heavy blow to this fluctuation.
From Trump to Musk: “He’s crazy, I will cancel the contracts”
The event, which fired the wick of the tension, began with Donald Trump’s harsh accusations against Elon Musk on Twitter. While Trump claimed that Musk was “crazy , he implied that some SpaceX and Tesla projects carried out with the state could be canceled. Musk associated Trump with Jeffrey Epstein files. These mutual accusations have increased the perception of political risk in investors and caused harsh sales.
Is it a breaking point in the markets?
The liquidation of leveraged positions on such a large scale may indicate a moment of breaking for the market. Generally, after such excessive movements, decreases can slow down or a short -term recovery may occur. However, when political tension and market liquidity are low, such turmoil has a high risk for new investors.
The social media outlets of high -profile figures such as Trump and Musk are no longer not only political but direct financial effects. Since crypto markets are more sensitive than traditional markets, such conflicts can cause much larger fluctuations. Traders, especially with leveraged transactions, need to follow both political agenda and technical levels carefully.
