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Crypto Market Falls_ Over $980M in Liquidations After Trump–Musk Tension

  • On June 6, 2025, a highly publicized conflict involving Donald Trump and Elon Musk led to significant losses in Tesla shares and a sharp decline in major cryptocurrency values.
  • The conflict began after Trump advanced the Big Beautiful Bill Act with tax and Medicaid cuts, and Trump accused Musk of going 'crazy' over losing an electric vehicle mandate.
  • Musk intensified the conflict by claiming on X that Trump is mentioned in official papers connected to Jeffrey Epstein, while the crypto market experienced over $980 million in liquidations amid declining Bitcoin and Ethereum prices.
  • On June 6, Bitcoin dropped by 3%, Ethereum declined nearly 7%, daily ETH trading volume surged by almost 64%, and Tesla shares plummeted 14.26%, resulting in a market value loss of approximately $150 billion.
  • The fallout led to broader market volatility and liquidations affecting over 227,000 traders, reflecting increased risk-off sentiment amid the Trump-Musk feud and its impact on financial markets.
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fxopen.com broke the news in on Friday, June 6, 2025.
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