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.
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