The recent decline has led to the liquidation of nearly $964 million in the cryptocurrency futures market, with long position liquidations accounting for 90% of this figure.
🔥 Reasons for the crash:
The escalating dispute between Trump and Musk over the "One Big Beautiful Bill" (OBBBA), where both parties exchanged accusations and public criticisms.
Trump's threat to cut government contracts with Musk's companies, increasing market uncertainty.
Meme coins linked to Trump and Musk were affected, such as $TRUMP