#TrumpVsMusk $TRUMP The feud between Donald Trump and Elon Musk has significantly impacted the cryptocurrency market, with Binance being one of the exchanges affected. Here's what's happening ¹ ²: $TRUMP

- *Market Volatility*: The public dispute between Trump and Musk has triggered a wave of liquidations, with nearly $1 billion in crypto derivatives wiped out. Over $800 million in long positions were closed, with exchanges like Binance and OKX reporting unusually high activity.

- *Binance's Role*: Binance was among the exchanges that saw significant liquidations, although the exact amount isn't specified. However, it's clear that the exchange was impacted by the market volatility.

- *Affected Cryptocurrencies*: The price of major cryptocurrencies like Bitcoin, Ethereum, and Dogecoin plummeted due to the feud. Bitcoin dropped to $100,783, while Ethereum fell to $2,455.68. Dogecoin, which often tracks Musk-related sentiment, declined by over 7% to $0.175.

- *Trump-Musk Fallout*: The dispute began when Musk criticized Trump's proposed legislation, dubbed the "One Big Beautiful Bill." Trump retaliated by threatening to cancel federal contracts with Musk's companies, including Tesla and SpaceX. This led to a sharp decline in Tesla's stock price and a broader market downturn.

Some key statistics from the market downturn include ³:

- *Total Liquidations*: Nearly $1 billion in crypto derivatives liquidated

- *Bitcoin Liquidations*: $308.1 million in long positions and $33.8 million in shorts

- *Ethereum Liquidations*: $260.1 million in long positions and $26.3 million in shorts

- *Market Capitalization Drop*: 5.1% drop in the cryptocurrency market capitalization

The long-term impact of the Trump-Musk feud on the cryptocurrency market remains uncertain, with some speculating potential benefits for Bitcoin due to its censorship-resistant nature ³.