Global Market, June 6, 2025 - Bitcoin experienced a significant downturn, with long positions being liquidated in the past 24 hours. The cryptocurrency market fell by approximately 3%, with Bitcoin briefly testing the $100,000 level.
This drop occurred amid escalating tensions between former U.S. President Trump and Elon Musk. Holders of Bitcoin for over 155 days are selling to secure profits.
According to CoinMarketCap, Bitcoin briefly rose to $105,915 in the last 24 hours before falling to $100,500. It is currently trading around $102,180.
Data from Coinglass indicates that the price drop led to the liquidation of approximately $38 million in traders' long positions.
The decline is linked to the ongoing conflict between Musk and Trump. Musk stated on June 5 on X that Trump's tax policies could trigger an economic downturn later this year.
Trump responded on his social media platform, Truth Social, threatening to cut government subsidies and contracts to Musk, potentially leading to a reduction of "tens of billions of dollars."
In response, Musk initially stated on X that SpaceX would immediately begin the process of withdrawing the Dragon spacecraft, but later retracted the statement.
Furthermore, the Dragon spacecraft is the only U.S.-made vehicle capable of sending astronauts into space.
According to Glassnode, the selling by long-term holders has increased since Bitcoin hit its previous all-time high of $111,970 on May 22.
Glassnode noted in a June 5 market report that the potential for a short-term correction is high as long-term holders exert selling pressure, and there is no strong impetus for Bitcoin to definitively surpass $111,800.
Other major cryptocurrencies also declined. Ethereum (ETH) fell by 7.25%, XRP by 4.35%, and Solana (SOL) by 5.20%.
The total liquidations in the cryptocurrency market over the past 24 hours reached $98.25 million, with $89.16 million of those liquidations coming from long positions.