Cryptocurrency traders taken aback as market fluctuations occur due to the public rift between Elon Musk and Donald Trump
The Biggest Crypto Liquidation Event in Months: $972 Million Wiped Out in a Day!
Crypto traders are feeling the heat as the market experiences a significant liquidation event, with a whopping $972.22 million going up in smoke in just 24 hours. According to data from CoinGlass, the last 48 hours witnessed nearly $3 billion in liquidated long and short positions.
Bitcoin and Ethereum led the pack in terms of total liquidation volume, accounting for 64% of the grand total. However, Solana (SOL) and Dogecoin (DOGE) witnessed unprecedented liquidations relative to their market caps, signaling a high level of leverage in these assets.
The Trump-Musk Rift Takes a Toll on Crypto Markets
Politics played a crucial role in this massive sell-off, with a tussle between U.S. President Donald Trump and tech mogul Elon Musk acting as the catalyst. Over the last 24 hours, Bitcoin plunged to a low of $100,437, Ethereum fell 7% to $2,387, and Solana dropped to $142. Meanwhile, Dogecoin cratered by 20%, touching a daily low of $0.1692.
The Trump-Musk feud staged a severe blow to the heavily leveraged long positions, driving the liquidation bias. Of the total liquidations, a staggering 89% came from long bets, unable to withstand the increased market volatility.
While Solana has shown resilience amid the carnage, Dogecoin is likely to see increased volatility in the near future, given the shifting political landscape.
KBBB Roars into the Spotlight Amid the Chaos
Amidst the chaos, a lesser-known memecoin, KBBB, surged to a $53 million market cap. Experts attribute the rally to the Trump-Musk feud sparking memecoin frenzy, with investors jumping on the bandwagon in search of "the next Dogecoin."
In summary, the recent crypto market downturn is a result of various factors, including political tensions, liquidations, and macroeconomic pressures. The specific impact of the Trump-Musk spat on Dogecoin and Solana is not explicitly stated, but these cryptocurrencies are likely to be affected by the broader market conditions. Keep an eye on these assets in the coming days as the dust settles in the crypto market.
- Amid the recent crypto market downturn, Bitcoin and Ethereum led the pack in terms of total liquidation volume, accounting for 64% of the grand total.
- Solana (SOL) and Dogecoin (DOGE) witnessed unprecedented liquidations relative to their market caps, signaling a high level of leverage in these assets.
- However, while Solana has shown resilience amid the carnage, Dogecoin is likely to see increased volatility in the near future, given the shifting political landscape.
- In spite of the massive sell-off, a lesser-known memecoin, KBBB, surged to a $53 million market cap, with experts attributing the rally to the Trump-Musk feud sparking a memecoin frenzy.
- Keep an eye on assets like Solana and Dogecoin in the coming days as the dust settles in the crypto market, with the specific impact of the Trump-Musk spat on these cryptocurrencies being likely affected by broader market conditions.
