In a volatile 24-hour period, the cryptocurrency market witnessed over $980.9 million in liquidations, affecting more than 223,300 traders. This significant market correction, as reported by Coinglass, was largely driven by a public dispute between Donald Trump and Elon Musk.
The majority of these liquidations, totaling $876.23 million, stemmed from long positions. Bitcoin alone accounted for $341.71 million in liquidations, with 90% originating from long positions. Ether experienced $285.64 million in liquidations, alongside notable amounts for Solana, XRP, and Doge.
The market downturn was triggered by disagreements between Trump and Musk over Trump's tax and spending bill. Bitcoin briefly fell to around $100,000 before recovering slightly to $103,333. Analysts suggest that the market remains fragile, with overleveraged traders amplifying volatility.
Investors are now closely watching the release of U.S. employment data and the upcoming consumer price index data on June 11, which are expected to be major catalysts for future price movements. Key factors to monitor include US-China macro developments, USD strength, and institutional flows.