A public disagreement between Donald Trump and Elon Musk caused a panic on the Cryptomarkt on Thursday evening. More than 223,000 traders were liquidated within 24 hours, with a total of $ 980 million in losses. Especially transferred lung positions were surprised by the sudden drop in Bitcoin (BTC) and Ethereum (ETH).
Long wave wipes lung positions from the map
According to the Coinglass analysis platform, a total of $ 980 million was liquidated in positions. Of these, 876 million came from long positions. Most traders counted on a continuation of the bullmarkt, but were completely surprised by the price fall in Bitcoin (BTC) and Ethereum (ETH).
Bitcoin was at the forefront of 341 million dollars in liquidations. Ethereum followed with 285 million dollars. Altcoins such as Solana, XRP and Dogecoin were also hit hard.
The sales pressure was caused by the sudden disagreement between Musk and Trump on his controversial tax and rate law. Musk called the law a “disgusting horror”. The subsequent unrest caused a chain reaction of automatic liquidations. “The market was too optimistic and heavily suggested,” said Vincent Liu of Kronos Research.
Political conflict is the Bitcoin course
Until recently, investors were in a jubilation mood. At the end of May, Bitcoin reached a new all-time high of $ 111,800. In the meantime, the race has fallen to slightly above $ 103,000, after a temporary dip to below 100,000 dollars.
According to analysts, the market was already against a correction. “Bitcoin hung on sensitive support levels,” says Nick Ruck of LVRG Research. “Due to the public dispute between Musk and Trump, traders became nervous, which led to large -scale liquidations.”
For example, on X, Musk claims that President Donald Trump’s name appears in the “Epstein files” not yet released. With that he seems to intensify his attack on the president, much to the horror of investors.
Eyes focused on new inflation figures
The liquidation wave shows how vulnerable the cryptomarket remains. Analysts point to persistent macro-economic uncertainty, among other things due to possible new import rates and the strong US dollars.
Investors are now looking forward to the publication of the American inflation figures on 11 June. They can determine the further price trend of Bitcoin and the rest of the market.
Source: https://newsbit.nl/trump-en-musk-veroorzaken-liquidatiegolf-980-miljoen-verdampt-in-24-uur/
