#TrumpVsMusk

Trump_vs_Musk

The ongoing dispute between former US President Donald Trump and Elon Musk has significantly impacted the cryptocurrency market, including platforms like Binance. This disagreement has led to sharp volatility and substantial losses across various digital assets.

Impact on the Cryptocurrency Market

Bitcoin (

ETHUSDT

perpetual

2,475.41

-5.15%

BTC BTC: The price of Bitcoin dropped below $101,000, triggering a widespread sell-off in the cryptocurrency market.

Ethereum (ETH ETH): Ethereum sustained a significant loss, decreasing by 6%.

Dogecoin (DOGE DOGE): The price of Dogecoin fell by 12.5% within 24 hours amid tensions between Donald Trump and Elon Musk.

Trump Coin: A meme-based digital currency, endorsed by Trump, saw a decline of 12% in afternoon trading.

Market Liquidation: The dispute resulted in the liquidation of nearly $1 billion in leveraged bets, causing significant liquidations in the cryptocurrency market.

Underlying Reasons

The disagreement began when Musk publicly criticized Trump's "One Big Beautiful Bill," a major legislative initiative. Musk described the bill as a "disgusting disaster" that could lead to serious inflation in the national deficit. In response, Trump threatened to cancel billions of dollars in government subsidies and contracts for Musk's companies, including SpaceX.

This public dispute has affected the cryptocurrency market.