Bitcoin ($BTC) has recently witnessed a significant price dip. The exclusive market data reveals Bitcoin’s dip below the $101K mark, as the long-term holders have reportedly liquidated up to $1B within a few hours. This development takes place at a time when tensions are rising between U.S. President Donald Trump and Elon Musk, the CEO of SpaceX.
Bitcoin Price Plunges Below $101K Amid Long Liquidations and Mounting Macroeconomic Troubles
The recent drop in Bitcoin’s price has raised concerns among the holders. Particularly, the flagship crypto asset recorded a slump below $101K at $100,900. Following that, it saw a slight resurge to $102,592. However, this 2.48% price decrease led to wide-scale liquidations across prominent exchanges. As per the statistics, this overall downturn resulted from macroeconomic shifts. They include the escalated political tensions like the U.S.-China trade war and the clash between Trump and Elon Musk.
The data points out liquidation of up to 227,964 traders over past twenty-four hours, equaling a $985.58M in valuation. Particularly, BitMEX went through the single biggest liquidation on the $XBT/$USD pair, equaling $10M. The key factors leading to this development include the feud between Elon Musk and Donald Trump, triggering divisions across the wider political spectrum.
$ETH and $SOL Witness Similar Dips as Market Records Heightened Liquidity and Activity Levels
The cryptocurrency market rapidly reacted to the turmoil Solana ($SOL) also showed a 3.38% decrease over the past twenty-four hours. Similarly, Ethereum ($ETH) presents a noteworthy 5.93% dip. Hence, this period of downturn has displayed a heightened liquidity and activity.
Overall, the market stays on edge. Market analysts highlight the requirement for an ease in the macroeconomic and political pressures. In the meantime, the top crypto assets like Bitcoin could see a continuous downside risk. Thus, while the $100K mark provides psychological support, holders and traders are simultaneously bracing for more volatility in the coming days.
