What to know:
- A Twitter spat between Donald Trump and Elon Musk has turned the crypto market into a daytime soap, causing nearly $1 billion in leveraged bets to evaporate faster than your hopes at a lottery ticket.
- Bitcoin slipped below $101,000—an embarrassing fall for a currency that was once considered untouchable—while Ethereum and Dogecoin also took a nosedive, probably seeking cover under their digital beds.
- The chaos was triggered by Trump’s accusations that Musk had gone “crazy,” while Musk responded by linking Trump to Jeffrey Epstein’s files—because nothing says “calm market” like a good old political feud on Twitter.
Late at night, Twitter turned into a battlefield, with tweets flying faster than dad’s old jalopy—except instead of oil leaks, we got hemorrhaging cash. Major cryptocurrencies tumbled, leaving traders clutching their heads and wondering if they should have invested in Beanie Babies instead.
Bitcoin’s value dipped below $101,000—what a shock—a little lower than some people’s hopes for the future. Meanwhile, Dogecoin and ADA were hit worse than a bad haircut, dropping over 6% each in just a day. The CoinDesk 20 Index, which is supposed to track “big hope,” lost a bit over 5%—probably more than your last attempt at baking bread.
According to CoinGlass, traders got wiped out to the tune of $988 million—most of it long positions, which means they were betting on the market going up, but instead got a swift kick in the behind. Bybit alone was responsible for nearly $354 million of this mess, proving that leverage is a lovely way to turn a small fortune into a tiny, tiny one.
The carnage was particularly savage for Bitcoin, which lost over $342 million in liquidations. Ether wasn’t spared either, losing $286 million—perhaps wishing it had stayed in bed. Solana and Dogecoin joined the party, losing $51 million and $27 million respectively, while XRP was not left out, with a sad $23 million gone in the blink of an eye. And just for thrill-seekers: high-leverage memecoin traders, like those chasing the elusive 1000PEPE, ran like chickens with their heads cut off.
Liquidation, the lovely market mechanic that kicks you out when your bets go south, turned out to be the star of this show—knocking out more traders than a hawk-eyed detective in a noir film. It’s a sign, they say, that the market’s at an extreme—and we all know what happens after extremes: a giant second-hand market crash, or maybe just an awkward silence to be followed by another circus.
Amidst this chaos, Trump accused Musk of “crazy” antics—no, really—and threatened to cut ties with his companies. Musk, perhaps feeling mischievous, responded by linking Trump to Jeffrey Epstein’s files, turning Twitter into a virtual playground of insults and accusations, rather than a place for serious investing—or so one would hope.
In short, the recent bullish streak has been drowned out by the noise of political mud-slinging, turning what looked like a promising week into a lesson in humility—unless you’re into gambling with pretend money and watching your dreams crumble faster than Chekhov’s villagers after he introduces another tragic character.
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2025-06-06 08:55