Crypto 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.
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