Crypto markets dropped amid Thursday's public fallout between Elon Musk and President Trump

Data from Coinglass analytics showed that the crypto market saw a sharp decline following the public fallout between Elon Musk and Donald Trump. The firm revealed that 227,000 traders were liquidated in the past 24 hours, with total liquidations coming in at $983 million, of which long positions accounted for $892 million.

According to the analytics platform, the largest single liquidation happened on Bitmex, with XBT/USD reaching $10 million. On-chain data also revealed that the Bybit cryptocurrency exchange was hit by a total of $353.81M, with over 90% accounting for longs at $333.94M. 

Market liquidates crypto traders amid decline

🚨BREAKING: Stocks + crypto plunge and uncertainty rattles markets as the feud between Trump and Elon Musk explodes into the public eye.

Some Investors are bracing for more fallout. pic.twitter.com/QfkOjdeg62

— Armando Pantoja (@_TallGuyTycoon) June 5, 2025

On-chain data showed that over the past 24 hours, Bitcoin dropped more than 3% and is currently trading at $102,316. The largest cryptocurrency was also hit by a total of $339M liquidations in the past 24 hours, with long positions accounting for $308.11M. BTC recorded a 35.27% increase in trading volume in the last 24 hours to reach$58.88 billion.

Ethereum also dropped by 7% in the last 24 hours, reaching $2,445. ETH followed with $284.76 liquidations during the same period, with long reaching $260M. The digital asset also saw a 46.21% surge in trading volume in the last 24 hours, recording $26.13 billion.

Trump’s cryptocurrency, TRUMP, was also hit hard amid the feud with Musk, recording over $8.5M in liquidations in the last 24 hours. On-chain data showed that long liquidations accounted for $7.55M, with its price currently exchanging hands at $9.657, a nearly 11% drop in the same period.

Solana plunged 3.10% to $147.44 following the news, with $50M liquidations in the last 24 hours, of which $46.98 long positions got liquidated. XRP also dropped by 3.09% in the past 24 hours, reaching $268. Data showed that XRP saw a total of $23.4M in liquidations during the same period, with only $22.72M accounting for long positions.

At the time of publication, DOGE has slipped over 6.86% to $13.99, recording a total of $27.12M liquidations in the last 24 hours, of which $23.44M were long positions. FART coin has been resilient, showing a 19.28 surge in the last 24 hours to $1.0479 and having relatively equal long and short liquidations.

Trump beefs with Musk as friendship implodes

The girls are fighting 💅

Trump says he’s “very disappointed” in Elon Musk after the billionaire turned on his beloved GOP tax bill.

The bromance is cracking. When even your biggest fanboy billionaire backs away from your fiscal fantasyland, you know the house of cards is… pic.twitter.com/8E5j6cjZVc

— Brian Allen (@allenanalysis) June 5, 2025

An extraordinary social media feud erupted on Thursday, causing a deterioration in the once close relationship between the former allies over several hours. U.S. President Donald Trump and the world’s richest person, Elon Musk, hurled deeply personal insults over matters significant and insignificant.

The President argued that it all started after he took away Elon’s EV Mandate, which forced everyone to buy electric cars that nobody else wanted. Trump noted that the easiest way to save money in the U.S. budget was to terminate Elon’s Governmental Subsidies and Contracts.

“I’m very disappointed with Elon. He had no problem with it. All of a sudden, he had a problem, and he only developed the problem when he found out we’re going to cut the EV mandate.”

-U.S. President Donald Trump.

Trump said the bill was one of the greatest ever presented to Congress, with a record cut in expenses of $1.6 trillion. He says there will be a 68% tax increase if the legislation doesn’t pass.

Musk called for Trump’s impeachment and mocked his connections to the convicted sex offender Jeffrey Epstein. Trump also claimed that Tesla’s mogul had gone “crazy” and threatened to cancel his multi-billion dollar federal contracts and tax subsidies for Musk’s companies.

The tech billionaire had complained for weeks about the budget bill, using the nonpartisan Congressional Budget Office to estimate the legislation would add $2.4 trillion to the deficit over the next decade. Musk condemned the bill as a “disgusting abomination.”

The SpaceX owner responded to Trump’s claims, accusing the President of lying about the bill and being ungrateful for the millions he spent to get elected. Musk argued that Trump would have lost the election without him, Democrats would have controlled the House, and the Republicans would have been 51-49 in the Senate.

Trump acknowledged that Musk’s contributions did not affect his winning the battleground in Pennsylvania. He also posted on Truth Social that he had fired Musk from his role as a special adviser because he was “wearing thin” at the White House. 

The Tesla mogul retaliated, saying the reason the Trump administration had not released the files into Epstein was because they implicated the President. Musk also quote-tweeted a post calling for Trump to be removed from office and said his tariffs would cause a recession. 

Shares in Musk’s electric vehicle company, Tesla, dropped almost 15% on Thursday afternoon,n coinciding with when Trump’s remarks began. The tech billionaire’s rocket company, SpaceX, is not publicly traded, but competitors to the firm surged on the news.

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