The cryptocurrency market just experienced one of its wildest 24-hour swings, thanks to an unexpected political and tech world clash: Donald Trump versus Elon Musk.
According to CBS, Trump is considering selling his Tesla shares and dismissed any potential conversation with Musk, saying he has “lost his mind.” Musk, in turn, fired back at Trump ally Steve Bannon, labeling him a “criminal” after Bannon suggested the government should seize control of SpaceX.
The public fallout set off a chain reaction in the markets. Data from Coinglass, shared by Wu Blockchain on X, revealed that over 227,000 traders were liquidated in the last 24 hours. Long positions were hit hardest, accounting for $892 million of the $983 million in total liquidations. Bitcoin dropped more than 3%, while Ethereum tumbled over 7%.
While political figures like JD Vance backed Trump and House Speaker Mike Johnson called for reconciliation, Musk’s claim, without evidence, that Trump appears in sealed government files tied to Jeffrey Epstein added fuel to the fire. The White House dismissed the accusation as baseless, while Democrats demanded clarification.
Public Sentiment on Trump vs. Musk
But perhaps the most damning reactions came from everyday voters. In a Pennsylvania district that swung heavily for Trump, one resident said, “Elon wanted to be the president anyway, but there can only be one.” Another voter added bluntly: “I hate Musk’s guts, I think he should be deported.”
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On the policy side, Switzerland’s announcement that it may begin sharing crypto tax data with other nations added to market jitters. Yet the mood shifted quickly. By the next day, the market rebounded: Bitcoin surged past $105,000, up 1.6%, while the total crypto market cap climbed 2.00% to $3.28 trillion.
Despite the temporary crash, the resilience of the crypto market underscores its maturity. Whether politics or personalities ignite the next swing remains to be seen—but one thing is certain: when Trump and Musk clash, markets listen.
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