Rising tensions between Elon Musk and Donald Trump have erupted into a full-blown public dispute, shaking up the cryptocurrency market. The fallout has already hit hard — with XRP dropping over 7%.

📉 The Conflict: Tax Reform and Musk’s Opposition

At the center of the clash is Trump’s massive tax proposal, known as the “One Big Beautiful Bill Act (OBBBA).” While Trump is pushing Congress to unite behind the bill, Musk has taken a stand against it, warning that it could lead the U.S. into “debt slavery.”

Musk urged Americans to pressure their representatives to “REJECT THIS BILL.” During a press event with German Chancellor Friedrich Merz, Trump expressed disappointment over Musk’s criticism, claiming the Tesla CEO had previously supported the legislation — until incentives for electric vehicles were removed.

Musk fired back, saying the bill was rushed through Congress without being properly reviewed.

🔥 Escalation: Accusations and Political Threats

The situation quickly escalated. Musk implied that Trump’s name appears in sealed Epstein investigation files. In response, Trump threatened to cut federal contracts and subsidies to Musk’s companies.

In a bold move, Musk suggested Trump should be replaced, praising JD Vance as a potential successor.

🌐 Crypto Market Takes a Hit: XRP, Bitcoin, and Ethereum in the Red

The dispute has sent shockwaves through the crypto world. Both figures have ties to the industry — Musk is known for backing Dogecoin and holding over 11,000 BTC through Tesla, while Trump previously supported the idea of a national crypto reserve.

XRP, which hit a daily high of $2.23, plunged to $2.06, marking a 7.62% drop. Although the token bounced back to around $2.14, it still remains down 3.24% over 24 hours.

Other major cryptos also suffered:

  • Bitcoin dropped from $105,900 to $100,000 (a 5.57% fall)

  • Ethereum fell from $2,640 to $2,387, a 9.58% drop

Both BTC and ETH later rebounded slightly — to $102,885 and $2,452 respectively.

📊 Nearly $1 Billion in Liquidations in a Single Day

According to market data, total liquidations over the last 24 hours reached $982 million.

🔹 Long positions (betting on price increases): $881.23 million

🔹 Short positions (betting on declines): $100.9 million

Liquidations by asset:

  • XRP: $23.4 million

  • Bitcoin: $341.68 million

  • Ethereum: $286.02 million

This political drama has ushered in a new wave of volatility across the crypto market. The high-profile feud between Musk and Trump highlights how deeply technology, politics, and finance are now intertwined — and how quickly sentiment can shift when major figures collide.



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