On February 6th, as the cryptocurrency market experienced a significant plunge, the official U.S. Democratic Party account posted a mocking image of Bitcoin’s decline on social media, accompanied by the caption “Oops,” which quickly sparked strong dissatisfaction within the crypto industry. The image juxtaposed Bitcoin’s price chart with an image of Trump wearing a “MAGA” hat, and was criticized by multiple industry insiders for lacking basic respect for investors’ losses.
Market data shows that Bitcoin dropped 8.1% in 24 hours, trading at approximately $65,729, down more than 30% compared to a year ago. During the same period, the crypto market saw a large-scale liquidation, with about $2.6 billion in positions forcibly closed within 24 hours, with longs accounting for over 80%.
Caitlin Long, CEO of Custodia Bank, responded by saying that such gloating comments ignore the reality that many Democratic supporters also hold digital assets. Patrick Witt, Executive Director of the President’s Digital Asset Advisory Committee, also pointed out that in the context of an upcoming election cycle, such remarks could alienate voters who are paying attention to crypto policy developments.
Tyler Winklevoss, co-founder of CEX, believes this reflects long-standing political suppression. John Deaton, a lawyer supporting XRP, attributed the market turbulence to long-term fiscal deficits and excessive money issuance, arguing that ordinary people turning to crypto is a result of declining trust in traditional financial systems. Former White House Communications Director Anthony Scaramucci called the tweet “stupid” and said such actions are amplifying Trump’s political advantage.
Meanwhile, similar comments from the office of California Governor Gavin Newsom and ongoing investigations into Trump family crypto projects within the Democratic Party are further escalating partisan tensions surrounding cryptocurrencies. Analysts believe that amid the sharp fluctuations in Bitcoin and rising regulatory concerns, cryptocurrencies are no longer just a financial topic but are gradually evolving into a key issue in U.S. political battles.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
BTC 15-minute drop of 0.47%: On-chain capital outflows and insufficient order book depth resonate, amplifying selling pressure
2026-04-06 16:45 to 17:00 (UTC), BTC recorded a return of -0.47% within 15 minutes. The price fluctuation range was 69782.3-70351.7 USDT, with an overall amplitude of 0.81%. Market attention rose rapidly; trading volume expanded in the short term, volatility intensified, and investors’ risk appetite fell significantly.
The main driver of this unusual move was large outflows of on-chain funds and deep holders transferring BTC to trading platforms. Daily on-chain trading volume surged to approximately $37.4 billion, the highest in nearly 7 months. During the Americas trading session, the order book overall fl
GateNews2h ago
Bitcoin climbs above $70,000 as more contrarian bottoming signs emerge
Bitcoin's value surged past $70,000 amid a broader stock market rally, with a nearly 4% increase in 24 hours. Contrarian bulls highlight recent market signals, but uncertainty about the true bottom persists as mining companies sell off holdings.
CoinDesk2h ago
Over the past 24 hours, the entire network liquidated a total of $313 million, with short liquidations accounting for 86.6%.
According to CoinGlass data, on April 6, the total liquidation amount across the cryptocurrency market within 24 hours reached $313 million. Long positions totaled $41.9598 million, while short positions totaled $271 million, accounting for 86.6%. BTC and ETH liquidations were $158 million and $81.3885 million, respectively, for a total of 81,920 people being liquidated. The largest single liquidation was $4.1193 million on the Hyperliquid BTC-USD trading pair.
GateNews3h ago
3 Promising Cryptos to Watch Besides Bitcoin
Ethereum enables smart contracts and open financial access for global users.
Solana offers fast transactions and low fees for scalable decentralized applications.
Ripple supports fast, low-cost payments through an efficient consensus system.
Bitcoin often dominates headlines, but other c
CryptoNewsLand4h ago
