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The Daily Hodl 2025-06-05 21:51:55

$621,550,000 in Bitcoin and Crypto Liquidated As Trump-Musk Meltdown Hits Critical Mass

Bitcoin’s price is tumbling as President Trump and Elon Musk’s battle over a trillion-dollar spending bill spirals out of control. In the last several hours, Trump has threatened to cut Musk’s government subsidies and contracts, while Musk claimed the President is named in the Jeffrey Epstein files. The turmoil pushed US markets slightly lower, triggered a 14% drop for Tesla (TSLA), and fueled a sharp drop in the price of Bitcoin, from a 24-hour high of $105,733 down to $100,900 at time of publishing. According to the crypto data aggregator Coinglass , a total of $621.55 million has been liquidated from the crypto markets in just the last four hours alone. The Trump-Musk meltdown was initially sparked by Musk’s opposition to the Republican tax and spending bill, which passed the House two weeks ago. Musk called the bill a “disgusting abomination” that would balloon the federal deficit. The Congressional Budget Office (CBO) estimates the legislation would add $2.4 to $5 trillion to the $36.2 trillion national debt over a decade. Follow us on X , Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Featured Image: Shutterstock/Vadim Sadovski/Chuenmanuse The post $621,550,000 in Bitcoin and Crypto Liquidated As Trump-Musk Meltdown Hits Critical Mass appeared first on The Daily Hodl .

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