Crypto Liquidation Surge: Trump and Musk's Twitter Clash Shakes Markets
A recent Twitter exchange between Donald Trump and Elon Musk triggered a significant sell-off in cryptocurrency markets, resulting in approximately $800 million in liquidations.
Summary
A recent Twitter clash between Donald Trump and Elon Musk has shaken the cryptocurrency markets, resulting in massive liquidations of about $800 million in leveraged bets. The turmoil was triggered by accusations and counter-accusations between the two, stirring fears among investors and leading to a sharp drop in prices.
Key Points
- A late-night exchange on Twitter prompted a sell-off in cryptocurrencies, erasing nearly $1 billion in liquidations.
- Bitcoin (BTC) dipped below $101,000, with major tokens like Dogecoin (DOGE) and Cardano (ADA) experiencing losses exceeding 6%.
- Data from CoinGlass indicates that the majority of positions liquidated were long bets, accounting for around $988 million in losses.
- Exchanges like Bybit and Binance were hit hardest, with Bybit alone incurring losses of about $354 million.
The liquidations predominantly affected major cryptocurrencies, with Bitcoin leading at $342 million liquidated within 24 hours. Ethereum (ETH) followed closely with approximately $286 million.
In essence, this market movement highlights the volatility within the crypto sector and the impact of influential figures’ interactions on investor sentiment.
