Crypto Suffers $1 Billion Flush As Musk-Trump Feud Shakes Bitcoin

The cryptocurrency market has experienced significant volatility over the past 24 hours seeing a rollercoaster of price swings, with Bitcoin's price dropping to $100,400 and then recovering to $104,100. Despite the recovery, Bitcoin is still down less than 2% over the past day. Other cryptocurrencies, such as Ethereum and Dogecoin, have not been as fortunate, with losses of almost 6% and 7%, respectively. The volatility is attributed to a public feud between President Donald Trump and Elon Musk, which began over criticism of the One Big Beautiful Bill Act. The feud escalated with Musk suggesting that Trump's criticism was due to his involvement in the Epstein files. As a result, the derivatives market has been severely impacted, with a massive $970 million in liquidations over the past 24 hours. Long investors have been the hardest hit, making up 88% of the total liquidations, with Bitcoin and Ethereum leading the sector in liquidations. This event is characterized as a "long squeeze" due to the overwhelming majority of long investors affected. The cryptocurrency market is still reeling from the volatility, with many investors feeling the impact of the recent price swings.