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BTC$108328
ETH$2502
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XRP$2.21
The cryptocurrency market experienced significant turbulence as a public clash between U.S. President Donald Trump and tech entrepreneur Elon Musk intensified. Bitcoin’s price fell below $101,000, marking a 4% decline, while the broader CoinDesk 20 index dropped by approximately 5%. Notably, cryptocurrencies like Solana (SOL) and Sui (SUI) suffered losses exceeding 7%.
The dispute began over disagreements on a GOP tax and spending bill but quickly escalated. President Trump accused Musk of opposing the bill to protect electric vehicle tax credits benefiting Tesla. In response, Musk alleged that Trump was implicated in the Jeffrey Epstein files and threatened to decommission SpaceX’s Dragon spacecraft. This exchange led to a sharp decline in Tesla’s stock, which fell more than 14% in a single day, erasing $152 billion from its market capitalization.
The crypto market’s downturn was further exacerbated by significant liquidations. Data from CoinGlass revealed that nearly $1 billion in leveraged bets were wiped out, with Bitcoin accounting for over $342 million in liquidations and Ethereum for $286 million. Exchanges like Bybit and Binance bore the brunt, with Bybit alone seeing nearly $354 million in liquidations.
Despite a brief rebound to near $104,000, Bitcoin’s short-term outlook remains uncertain. Technical analysis indicates that immediate support levels are at $100,000 and $95,500, with a rise above $107,000 needed to negate the bearish trend.
This episode underscores the cryptocurrency market’s sensitivity to geopolitical events and public disputes involving influential figures. As the situation between Trump and Musk continues to evolve, investors remain cautious, monitoring developments that could further impact market stability.
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