MEXCCrypto Liquidations Top $1 Billion As Trump vs. Musk Rift Goes Public
Highlights
- BTC price dropped to $100K in today's crypto market while Ethereum led altcoins fall.
- The feud escalated as Elon Musk criticized a controversial Congress spending bill supported by Trump.
- Daily liquidations for ETH futures surged to $260 million, alongside a 5.5% drop in open interest.
The ongoing public Elon Musk Vs Donald Trump rift has triggered a crypto market crash with daily liquidations soaring to $1 billion. Bitcoin (BTC) price tanked over 4%, slipping to $100K levels, while altcoins like Ethereum (ETH), Solana (SOL), XRP, Binance Coin (BNB) are down 4-8% today. Interestingly, this volatility comes just ahead of Friday’s options expiry.
Crypto Market Crash: BTC Down 4%, ETH, DOGE Leads Altcoins Fall
Amid the ongoing public rift between Elon Musk and Donald Trump over the controversial ‘Beautiful bill’ on Congress spending, Bitcoin and the broader crypto market took a major dive today.
Although the bill will flush fresh liquidity into the crypto market, markets have reacted to the uncertainty about the overall situation. BTC alone contributes to $341 million in daily liquidations, with long liquidation contributing to over $300 million. BTC’s daily trading volumes have also soared 35% to more than $60 billion. Spot Bitcoin ETFs saw $278 million of outflows yesterday as institutional sentiment fades.
Ethereum is leading today’s crypto market crash with 7% downside after yet another rejection at $2,700. The ETH price touched the support of $2,400 earlier today, hitting a one-week low. As per the Coinglass data, the ETH futures open interest dropped 5.5%, with daily long-liquidation soaring to $260 million.
Accompanying ETH is Dogecoin (DOGE), which is also down 8% today. Other altcoins like Ripple’s XRP, Binance Coin (BNB), Solana (SOL) have contributed to today’s crypto market crash, with 4% losses each.
Trump Vs. Musk Conflict Turns Ugly
Following Elon Musk’s DOGE exit last week, the billionaire has vehemently opposed the Congress spending bill while rubbing Republicans and President Donald Trump the wrong way. Twitter founder Jack Dorsey proposed Bitcoin as an alternative to the reckless US spending bill, which will further increase US debt.
Following Musk’s criticism of the bill, President Donald Trump said that he would cut” Elon’s Governmental subsidies and Contracts” to save money in the current budget. Responding to this, Musk wrote:
“In light of the President’s statement about cancellation of my government contracts, SpaceX will begin decommissioning its Dragon spacecraft immediately”.
Dropping another bomb, Musk said that Donald Trump has been named in the Epstein files, which is the reason he hasn’t released them yet.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Related Articles
- Balancer Hack: $129M in Crypto Assets Stolen, Berachain Validators Halt Chain for Hard Fork
- Breaking: Invesco Galaxy Amends Solana ETF to Disclose Fees, Other Key Details
- Bitcoin Slumps Below $108K, Will Crypto Market Crash on Hindenburg Omen Jitters?
- Nate Geraci Says Spot XRP ETF Launch Soon, Why It’s Big News for Ripple?
- Trader Predicts Dogecoin November Breakout as Murad’s Memecoin Holdings Drop 59% to $27.5 Million
- Chainlink Price Eyes $30 Rebound as FTSE Russell Collaboration and Supply Squeeze Fuel Optimism
- Ethereum Price As Stablecoin Volume Hits ATH of $2.82T Despite Struggling Crypto Market- Is a Recovery In Sight?
- XRP Price Forecast: Spot ETF Approval Could Propel Token to $3.
- Solana Price Outlook as Solana Whale Goes All-In With $26M Long Position Amid Market Crash– Is a Comeback Ahead?
- ZKsync Price Surges 90% on Vitalik’s Comments: What’s Next?
- $100K or $125K? Crypto Analysts Split on Bitcoin Price Prediction Despite U.S.–China Trade Deal
