#TrumpVsMusk Donald Trump-Elon Musk Debate Hits the Cryptocurrency Market Too! Millions of Dollars Liquidated! Here Are the Details Close to $1 Billion Daily Liquidation in the Crypto Market: Over-Leveraged Long Positions Affected by Macro Concerns

According to data shared by Coinglass, this liquidation is largely due to over-leveraged long positions.

Experts suggest that since the data revealed only includes publicly available information, the actual liquidation amount may be higher than this figure.

CIO of Kronos Research, Vincent Liu, evaluates this sharp decline as follows:

"The $980 million liquidation event is a perfect storm of Trump-Musk tensions, macroeconomic fears about tariffs, and an overly leveraged market. The inherent fragility in the crypto market caused automatic liquidations to quickly turn into a chain reaction, transforming sentiment-based withdrawals into a sudden market crash."

While $876.2 million of the total liquidation came from long positions, the most affected cryptocurrency was Bitcoin. On the BTC side, liquidations amounted to $341.7 million. About 90% of this amount came from long positions.

Ether (ETH) ranked second with liquidations of $285.6 million. Solana (SOL), XRP, and Dogecoin (DOGE) are among other major altcoins where significant positions were liquidated.

According to Vincent Liu, the sharp decline in BTC and ETH caused excessive optimism in the market to turn against investors:

"Investors using excessive leverage were caught off guard by the sharp correction in Bitcoin and Ether, causing bullish sentiment to accelerate the market crash."

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Donald Trump-Elon Musk Debate Hits the Cryptocurrency Market Too! Millions of Dollars Liquidated! Here Are the Details

2025-06-06 18:30:01

The cryptocurrency market experienced a massive wave of liquidations over the last 24 hours, with more than 223,300 investors liquidating their positions, totaling over $980.9 million.

Close to $1 Billion Daily Liquidation in the Crypto Market: Over-Leveraged Long Positions Affected by Macro Concerns.