Crypto Suffers $1 Billion Flush As Musk-Trump Feud Shakes Bitcoin
The cryptocurrency sector experienced significant volatility, particularly with Bitcoin, which fluctuated between a low of $100,400 and a high of $105,800 before recovering to $104,100. Overall, Bitcoin's loss in the past day is less than 2%. Other cryptocurrencies like Ethereum and Dogecoin faced larger declines, down nearly 6% and 7%, respectively. This market turmoil coincided with a public dispute between US President Donald Trump and Elon Musk, which escalated on social media. The derivatives market reflected this volatility, with liquidations nearing $970 million in 24 hours, predominantly affecting long investors, who accounted for $854 million of the total. Bitcoin and Ethereum led in liquidations, contributing $346 million and $286 million, respectively, indicating a long squeeze event.
