#TrumpVsMusk Donald Trump-Elon Musk Debate Hits the Cryptocurrency Market Too! Millions of Dollars Are Liquidated! Here Are the Details Near $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 believe that since the disclosed data only includes publicly available information, the actual liquidation amount may be higher than this figure.
CIO of Kronos Research, Vincent Liu, evaluated this sharp decline as follows:
"The liquidation event of $980 million 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 is Bitcoin. On the BTC side, there was a liquidation of $341.7 million. About 90% of this amount came from long positions.
Ether (ETH) is in second place with a liquidation 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 shocked by the sharp correction in Bitcoin and Ether, causing bullish sentiment to accelerate the market's downfall."
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Donald Trump-Elon Musk Debate Hits the Cryptocurrency Market Too! Millions of Dollars Are Liquidated! Here Are the Details
2025-06-06 18:30:01
The cryptocurrency market experienced a wave of massive liquidations over the last 24 hours, with more than 223,300 investors liquidating their positions, totaling over $980.9 million.
Near $1 Billion Daily Liquidation in the Crypto Market: Over-Leveraged Long Positions
