Crypto Market Crash: 1 Billion Liquidated as Elon Musk and Donald Trump Disagree
- The crypto market crash got worse after Elon Musk and Donald Trump publicly disagreed.
- More than $1 billion in long positions were lost as the market became very volatile.
- Confusion about the new government spending bill made the crypto market crash worse.
Two men who once shared a similar thoughts of innovation, disruption, and anti-establishment politics now find themselves at odds, and their rift is rocking the very foundations of the crypto space.
Both men have been major market movers in the past, largely indirectly supporting Bitcoin rallies with their tweets, camps, speeches, and public support. But the reverse happened this time, their recent spat. Obviously, Musk started it.
Disagreement on the Beautiful Bill:
It was due to Musk’s resistance to Trump-supported congressional expenditure in the scandalous ‘Beautiful Bill’. And that has resulted in political stress and market panic.
Trump’s response? A threat to withdraw government subsidies and contracts from Musk. Musk shot back by threatening to shut down SpaceX’s Dragon spacecraft (something he later backtracked on) and even hinted at Trump’s name being in the Epstein files.
This extremely public struggle for power has bred mass uncertainty, and the crypto market is paying the price dearly. In just the past 24 hours, more than $982 million of positions were liquidated, $891 million of them long positions. Bitcoin (BTC), which had just reached a new high of $111,970, dropped almost 4% to settle around $102,000.
Ethereum (ETH) was harder hit, falling more than 7% to a week’s low of $2,463 after again being rejected at $2,700. Dogecoin (DOGE) followed the leader and dropped 8%, while Solana (SOL), XRP, and Binance Coin (BNB) all dropped 4–5%.
Spot Bitcoin ETFs saw $278 million of withdrawals, and BTC volumes jumped 35% to over $60 billion, showing panic and rapid exits. Long-term holders, according to Glassnode, are liquidating, subjecting already weak prices to further pressure.
Friday’s impending options expiry and weakening institutional sentiment are no longer political theatrics—it’s a financial shockwave blowing through crypto.
Highlighted Crypto News Today
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Crypto Market Crash: 1 Billion Liquidated as Elon Musk and Donald Trump Disagree
- The crypto market crash got worse after Elon Musk and Donald Trump publicly disagreed.
- More than $1 billion in long positions were lost as the market became very volatile.
- Confusion about the new government spending bill made the crypto market crash worse.
Two men who once shared a similar thoughts of innovation, disruption, and anti-establishment politics now find themselves at odds, and their rift is rocking the very foundations of the crypto space.
Both men have been major market movers in the past, largely indirectly supporting Bitcoin rallies with their tweets, camps, speeches, and public support. But the reverse happened this time, their recent spat. Obviously, Musk started it.
Disagreement on the Beautiful Bill:
It was due to Musk’s resistance to Trump-supported congressional expenditure in the scandalous ‘Beautiful Bill’. And that has resulted in political stress and market panic.
Trump’s response? A threat to withdraw government subsidies and contracts from Musk. Musk shot back by threatening to shut down SpaceX’s Dragon spacecraft (something he later backtracked on) and even hinted at Trump’s name being in the Epstein files.
This extremely public struggle for power has bred mass uncertainty, and the crypto market is paying the price dearly. In just the past 24 hours, more than $982 million of positions were liquidated, $891 million of them long positions. Bitcoin (BTC), which had just reached a new high of $111,970, dropped almost 4% to settle around $102,000.
Ethereum (ETH) was harder hit, falling more than 7% to a week’s low of $2,463 after again being rejected at $2,700. Dogecoin (DOGE) followed the leader and dropped 8%, while Solana (SOL), XRP, and Binance Coin (BNB) all dropped 4–5%.
Spot Bitcoin ETFs saw $278 million of withdrawals, and BTC volumes jumped 35% to over $60 billion, showing panic and rapid exits. Long-term holders, according to Glassnode, are liquidating, subjecting already weak prices to further pressure.
Friday’s impending options expiry and weakening institutional sentiment are no longer political theatrics—it’s a financial shockwave blowing through crypto.
Highlighted Crypto News Today
Read More