Crypto Chaos as Musk and Trump Split – $1B in Liquidations, Oh My!

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Ah, the crypto market, where fortunes are made and lost faster than you can say “HODL.” In the past 24 hours alone, a stunning $831 million was wiped out in forced liquidations. But wait—there’s more! A staggering $765 million of that delightful carnage was thanks to long traders who, apparently, didn’t see the storm coming. Who would have thought, right?

The unlucky souls who had their leveraged bets in Bitcoin (BTC) and Ethereum (ETH) markets were the first to feel the burn. This market’s volatility has more twists than a Shakespearean tragedy, leaving traders breathless. Oh, and just in case you weren’t paying attention, Bitcoin’s fear and greed index nosedived from 62 percent to a modest 57 percent. Bearish market shift, anyone? 🍿

Elon vs Trump: The Feud That Rocked the Crypto World

And here we are, at the pinnacle of drama! The crypto market followed the broader stock market into the pits of despair, all thanks to the latest plot twist in the Musk-Trump saga. Once upon a time, these two were buddies, but now they are frenemies, and let’s just say, things got ugly fast. Musk—bless his heart—has been calling for Trump’s resignation, and it seems the whole world is paying attention. The nerve of that man! 👀

For those wondering why this matters, it’s because the two moguls had a minor disagreement over the Congressional spending bill. You know, just your average everyday multi-trillion-dollar disagreement between billionaires. Classic Tuesday.

“I don’t mind Elon turning against me, but really, he should’ve done so months ago. This bill is *legendary*—the Greatest Bill ever presented to Congress. A $1.6 trillion cut! And the biggest tax cut ever given! If this bill doesn’t pass, we’ll see a 68% tax hike! And don’t even get me started on the nightmare that will follow,” Trump declared in one of his more colorful moments. Well, then. 😏

What’s the Next Act in This Saga?

As Musk and Trump’s war of words escalated on Thursday, crypto traders were left shaking in their boots, wondering if the recession predicted by the infamous Musk would come to pass. Oh, and did I mention this all happened during the late North American trading session? The fear of doom was palpable. Musk, ever the prophet of doom, warned that Trump’s tariffs would inevitably lead to a recession by the second half of 2025. Because, of course, everything is *always* going to end badly, right? 😜

The Trump tariffs will cause a recession in the second half of this year

— Elon Musk (@elonmusk) June 5, 2025

But hold your horses, there’s a glimmer of hope! Should the U.S. indeed tumble into a recession in late 2025, the price of Gold might just shine brighter than the stock market. And if you believe the crypto crowd, Bitcoin will ride in like a digital knight in shining armor, sparking a recovery that no one saw coming. Stay tuned for more plot twists, folks. 🍿

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2025-06-06 01:26