Trump-Musk feud tanks Bitcoin, liquidating $308M long bets
Bitcoin experienced a nearly 3% decline, nearing a retest of the $100,000 level, with the price dropping from $105,915 to $100,500 within hours. As of the latest data, Bitcoin is priced at $102,180. Approximately $308 million in long positions were liquidated during this period. The price drop coincided with an escalating feud between Elon Musk and Donald Trump, with Musk criticizing Trump's proposed tariffs and Trump suggesting that canceling Musk's government contracts could save the US billions. Long-term Bitcoin holders have begun selling their assets following a peak of $111,970 on May 22, increasing the likelihood of a short-term correction. Other cryptocurrencies also faced declines, with Ether down 7.25%, XRP down 4.35%, and Solana down 5.20%. Total liquidations in the crypto market reached $982.55 million, primarily from long positions.
