The cryptocurrency market is reeling from the escalating public feud between US President Donald Trump and Tesla CEO Elon Musk. Total liquidations have surged in the past 24 hours, nearing $1 billion.

Furthermore, the overall market capitalization has dropped, with seven of the top 10 cryptocurrencies posting losses today.

Tensions between Trump and Musk erupted over the latter’s criticism of the President’s tax and spending bill.

“This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. Shame on those who voted for it: you know you did wrong. You know it,” Musk posted on X.

The feud escalated as Trump dismissed Musk’s criticisms, accusing him of suffering from “Trump Derangement Syndrome.” Trump also threatened to revoke government subsidies and contracts for Musk’s businesses.

The dispute, which is playing out publicly on X, has introduced unpredictable variables into the market, including personal scandals and policy disagreements.

Furthermore, it has also rattled investor confidence, with the market facing significant downward pressure. Data showed that over the past 24 hours, the total crypto market capitalization fell 5.1%.

Seven of the top ten coins have depreciated over the past day. Musk’s favorite, Dogecoin (DOGE), saw the sharpest fall of 7.9%, followed by Ethereum’s (ETH) 6.6% decline.

Bitcoin (BTC) dipped 2.4% and fell below the $105,000 mark. The President’s meme coin was also negatively impacted. According to the latest data, Official Trump (TRUMP) was down 10.8%.

This price drop triggered a wave of liquidations, as many leveraged positions were forced to close, amplifying volatility. According to Coinglass data, over the past 24 hours, total liquidations reached $988.09 million.

228,646 traders were liquidated during this period, highlighting the scale of the market’s reaction. Bitcoin bore the brunt of the sell-off, with liquidations amounting to $308.1 million for long positions and $33.8 million for shorts. Ethereum followed closely, recording $260.1 million in long liquidations and $26.3 million in shorts.

Long positions accounted for $888.7 million of the total liquidations, while short positions contributed $99.3 million, reflecting the intensity of the risk-off sentiment.

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