Friends turn foes! The ongoing public rift between Elon Musk and U.S. President Donald Trump 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.
Elon Musk and Donald Trump Enter Public Rift
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.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
✓ Share: