Cryptocurrency Market Crash: Liquidations Exceeding One Billion Dollars After Escalating Dispute Between Musk and Trump.

The intensity of the debate between Elon Musk and President Donald Trump escalated after Musk criticized the government spending bill supported by Trump, describing it as a disgusting violation of increasing the financial deficit. Trump responded by threatening to cut government contracts and support for Musk's companies such as Tesla and SpaceX, prompting Musk to announce a temporary halt to the Dragon spacecraft before later backtracking.

Direct Market Effects:

- Bitcoin: Its price dropped by 4% to $100,500, with liquidations amounting to $342 million for long positions (expected to rise).

- Ethereum: Led the collapse of alternative currencies with a 7% loss, bringing its price down to $2,400, with liquidations of $260 million in futures.

- Other Currencies:

- Dogecoin: Dropped 8% due to its previous association with Musk's tweets.

- Solana, Ripple, and Binance Coin: Losses ranged from 4-6%.

Crisis Multiplying Factors:

1. Exit of Bitcoin ETF funds: Recorded