Bitcoin, Ether Bulls Hit With $800M Liquidation as Trump-Musk Tussle Rattles BTC, ETH

Bitcoin and Ethereum Plunge Amid $800M Liquidation Triggered by Trump-Musk Tensions

In a dramatic turn of events, the cryptocurrency market experienced a significant downturn, with Bitcoin (BTC) and Ethereum (ETH) leading the decline. The sharp drop resulted in approximately $800 million in liquidations, affecting both long and short positions. This upheaval is attributed to escalating tensions between former President Donald Trump and tech magnate Elon Musk, which have introduced uncertainty into the market.

Bitcoin’s price fell below $80,000, marking a substantial decrease from its recent highs. Ethereum also saw a significant drop, with its value dipping below $2,500. The volatility led to widespread liquidations across various trading platforms, impacting a large number of leveraged positions.

The conflict between Trump and Musk has raised concerns among investors, leading to a cautious approach in the market. Analysts suggest that the uncertainty surrounding regulatory policies and potential market interventions is contributing to the current volatility.