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Bitcoin fell 3 percent over the last day, approaching a retest of the $100,000 mark, causing notable losses for investors who were long the cryptocurrency.

 

Bitcoin melted, and investors who have held the cryptocurrency for more than 155 days continue to sell to lock in profits as the conflict between US President Donald Trump and billionaire Elon Musk frightened crypto buyers

The pioneer crypto asset began to bounce back and made several attempts to reach $106,000; however, it was thwarted, and following the most recent rejection, Bitcoin is currently trading below $102,500.

Most altcoins experienced even greater losses than Bitcoin, as evidenced by their declining market share. Around $308 million in long positions were liquidated during that time, indicating that the drop caught traders off guard, according to CoinGlass.

Musk’s public dispute with Trump intensified the sell-offs. The Tesla CEO claimed on his X platform that Trump’s proposal for global tariffs “will cause a recession in the second half of this year.” Several cryptocurrency analysts hold the same view.

Markets project US policymakers will likely postpone monetary easing until they have ‘hard data’ on the effects of Trump’s tariffs, which could result in a growth slowdown.

Trump claimed in a post on his Truth Social platform that the US government would save “billions and billions of dollars” if Musk’s government contracts and subsidies were terminated. Musk retracted his response hours later, saying, “SpaceX will begin decommissioning its Dragon spacecraft immediately in light of the President’s statement about cancellation of my government contracts.”