Bitcoin Price Plunges Amidst Trump-Musk Feud, Liquidating $308M in Long Positions

The cryptocurrency market experienced a significant downturn following an escalating feud between US President Donald Trump and billionaire Elon Musk. Over the past 24 hours, Bitcoin saw a drop of nearly 3%, bringing its price close to a retest of the $100,000 mark. This decline coincides with a surge in liquidations, amounting to approximately $308 million in long positions being closed over the same period. Bitcoin’s recent high of $111,970 on May 22 has spurred sell-offs from long-term holders who are seeking to lock in profits.