Bitcoin’s recent drop of nearly 3% has caused significant losses for investors who bought it. The cryptocurrency is nearing the level $100,000.
Bitcoin prices are falling due to the intensifying feud between US President Donald Trump, billionaire Elon Musk and Bitcoin holders.BTCContinue to sell for more than 155 days in order to lock-in profits.
The Bitcoin price is above $102,000
Bitcoin has reached $105,915 in the last 24 hours before dropping to $100,500. according CoinMarketCap. Bitcoin was $102,180 at the time this article was published.
The fall in the market caught many traders by surprise, as approximately $308 Million of long positions were liquidated during this period. according CoinGlass
Musk escalated his public spat with Trump on the 5th of June, when he took to Tesla’s X-platform to express himself. say Trump’s plans for global tariffs “will cause a recession in the second half of this year.”
The same is true for several crypto analysts. Swyftx’s lead analyst Pav Hundal told Cointelegraph that there was a risk that US policymakers delay They will not get the monetary stimulus until they do. “hard data” On the Impact of Trump’s Tariffs. “growth slowdown.”
Trump stated in a blog post published on Truth Social’s platform that Musk’s contracts with the government and subsidies could be terminated. “billions and billions of dollars” For the US Government
Musk responded You can also find out more about us here. “in light of the President’s statement about cancellation of my government contracts, SpaceX will begin decommissioning its Dragon spacecraft immediately,” A statement that he was walking back After a few hours,
SpaceX Dragon, the US’ only spacecraft capable of sending astronauts into orbit.
Related: Bitcoin on ‘very shaky ground’ as new BTC price top nears: Ammous
According to Glassnode, a growing number of Bitcoin long-term holders are selling their investments after Bitcoin hit a new record high of $111 970 on May 22.
Glassnode said A note from the 5th of June on markets “with long-term holders gradually applying sell pressure, the probability of a short-term correction continues to build, particularly in the absence of a strong upside catalyst to push Bitcoin decisively above [$111,800].”
Other major cryptos also experienced sharp drops over the last 24 hours. Ether (ETHThe price of XRP (XRPSolana (SOL( slid by 5.20%.
Total liquidations across the wider crypto market reached $982.55 over the past 24-hours, of which $891.63 was accounted by long positions.
Magazine: Baby boomers worth $79T are finally getting on board with Bitcoin
This article contains no investment recommendations or advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: cointelegraph.com
