🔻 Crypto Crash: $967M Liquidated as Trump–Musk Feud Shakes Bitcoin, Solana, and XRP
The cryptocurrency market witnessed a sharp downturn with $967 million in liquidations within just 24 hours, shaking investor confidence. The sell-off came amid growing political tension between former U.S. President Donald Trump and billionaire Elon Musk, which spooked the already-volatile market.
This sudden shift in sentiment caused sharp price drops in Bitcoin, Ethereum, Solana, and XRP, with futures traders hit especially hard.
💥 Massive Futures Liquidations Lead the Crash
According to data from CoinGlass:
Bitcoin faced $346.83 million in liquidated futures contracts.
Ethereum was not far behind with $279.92 million in losses.
Solana saw $50.72 million, while XRP faced $22.80 million in futures liquidations.
These large-scale liquidations indicate that many traders were over-leveraged, expecting a bullish breakout — only to be caught in a rapid reversal.
⚠️ Trump vs. Musk: A Catalyst for Crypto Panic
The sudden drop in prices was largely triggered by growing political friction between Trump and Elon Musk. Earlier this week, Trump publicly threatened to revoke government subsidies granted to Musk-led ventures such as Tesla and SpaceX, citing disagreements over political views and influence.
This sparked a risk-off sentiment across both traditional and crypto markets. Crypto investors, already cautious from recent volatility, reacted swiftly — exiting positions en masse.
📉 Key Levels Broken as Market Fear Grows
Bitcoin briefly dropped to $100,400, before rebounding slightly to around $104,648.
Solana fell below its psychological support level of $150, trading at $151.49.
XRP slipped under its crucial $2.20 support, trading at $2.182.
These breakdowns at major support zones have added technical weakness to already shaken market sentiment. Analysts warn that unless strong buying interest returns, further drops may be ahead.
📊 Open Interest Data Shows Mixed Market Reactions
Despite the crash, open interest (OI) across the market shows a mixed outlook:
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Total Bitcoin open interest stands at 685,730 BTC, valued at over $71.28 billion.
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Chicago Mercantile Exchange (CME) leads with 148.42k BTC, followed by Binance with 119.17k BTC.
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However, OKX reported a 2.82% drop in OI, showing that some traders have started exiting the market altogether.
The overall OI data reflects a cautious stance among traders, with little appetite for high-risk moves in the current uncertain environment.
Bitcoin Network Milestone Brings Hope for Market Rebound
It is worth noting that amid the Bitcoin price drop and liquidations, there is a positive development in the Bitcoin network.
On June 6, 2025, Bitcoin reached block height 900,000, a significant milestone for the network.
The block, mined by ViaBTC, confirms the continued strength of the blockchain, which has maintained a 99.98% uptime since its launch in 2009.
If anything, this consistency reinforces the trust placed in the Bitcoin system.
While prices remain under pressure, some market observers believe that thiscr kind of technical progress could help restore investor confidence.
In addition, with a consistent and steady network and improved miner rewards might create conditions for a wider market recovery.
This is especially necessary if external market tensions ease. For now, investors will continue to watch how Bitcoin, Solana, and XRP respond in the coming days.
Disclaimer
The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.
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