Bitcoin's price recently dipped almost 3%, nearing a retest of the $100,000 mark, leading to substantial losses for long investors. This downturn coincided with a heated public exchange between U.S. President Donald Trump and billionaire Elon Musk, prompting many Bitcoin holders who had been in the market for over 155 days to sell off to secure profits.
As of the latest data from CoinMarketCap, Bitcoin's price reached a high of $105,915 before dropping to $100,500, with the current value around $102,180. According to CoinGlass, this price action resulted in the liquidation of approximately $308 million in long positions over the past 24 hours, catching many traders off guard.
The feud escalated when Musk criticized Trump's proposed tariffs, stating they could lead to a recession later this year. In response, Trump claimed that canceling Musk's government contracts would save the U.S. government substantial amounts. Musk’s reply hinted at major implications for his space company, though he later retracted certain statements.
Experts have noted a trend of long-term Bitcoin holders selling their assets after recent all-time highs, with analytics firm Glassnode pointing out increasing sell pressure. This pattern raises concerns about a potential short-term correction, particularly as Bitcoin struggles to move decisively above $111,800. Other cryptocurrencies also suffered during this period, with Ether dropping 7.25%, XRP falling 4.35%, and Solana seeing a 5.20% decrease. The overall crypto market experienced total liquidations amounting to approximately $982.55 million, predominantly from long positions.
Investors should remain cautious, as market sentiment remains bearish. Understanding the rapid fluctuations in prices and the ongoing selling trends could inform future trading decisions.
As of the latest data from CoinMarketCap, Bitcoin's price reached a high of $105,915 before dropping to $100,500, with the current value around $102,180. According to CoinGlass, this price action resulted in the liquidation of approximately $308 million in long positions over the past 24 hours, catching many traders off guard.
The feud escalated when Musk criticized Trump's proposed tariffs, stating they could lead to a recession later this year. In response, Trump claimed that canceling Musk's government contracts would save the U.S. government substantial amounts. Musk’s reply hinted at major implications for his space company, though he later retracted certain statements.
Experts have noted a trend of long-term Bitcoin holders selling their assets after recent all-time highs, with analytics firm Glassnode pointing out increasing sell pressure. This pattern raises concerns about a potential short-term correction, particularly as Bitcoin struggles to move decisively above $111,800. Other cryptocurrencies also suffered during this period, with Ether dropping 7.25%, XRP falling 4.35%, and Solana seeing a 5.20% decrease. The overall crypto market experienced total liquidations amounting to approximately $982.55 million, predominantly from long positions.
Investors should remain cautious, as market sentiment remains bearish. Understanding the rapid fluctuations in prices and the ongoing selling trends could inform future trading decisions.
