Bitcoin Tumbles to New Lows as Musk and Trump Clash Sends Shockwaves Through Crypto Markets

Unexpected Spat Between Tech and Political Giants Triggers Market Turmoil

Hang onto your hats, folks! Bitcoin took a wild ride down to new lows on Thursday as the entire crypto market got rocked by a jaw-dropping public feud between none other than US President Donald Trump and Tesla's fearless leader, Elon Musk. Who saw this coming? No one, that's who! This unexpected showdown sent shockwaves rippling through the markets faster than you can say "HODL."

The war of words between these two heavyweights over political beefs had traders on the edge of their seats, and the crypto market felt the burn. Prices plummeted like a SpaceX rocket gone off course, leaving investors reeling and scrambling to adjust their strategies.

According to the latest data from crypto.news, Bitcoin (BTC), which had been holding steady like a champ all week, suddenly took a nosedive to a gut-wrenching new low of $100,501. That's a brutal 6% drop from the week's high of $106,000, shattering hopes of an unstoppable bull run.

BTC has clawed its way back up a bit to trade at $103,376 as we speak, but that sudden price crash left the market shaken like a martini in a Bond film. In a matter of hours, a staggering $308 million in long positions got liquidated, according to CoinGlass data. Ouch!

This crypto bloodbath didn't stop at Bitcoin. The entire market took a beating, with around 227,300 traders watching their dreams go up in smoke as total liquidations hit a mind-boggling $983 million in just 24 hours. Longs took the biggest hit at $892 million. Crypto exchanges Bybit and Binance were ground zero for the carnage, with liquidations of $354 million and a close second, respectively.

Other major altcoins got hit even harder in this market meltdown. Ethereum (ETH), Solana (SOL), and Cardano (ADA) led the pack of big losers, dropping a hefty 7%, 8%, and 10% respectively. Even the memecoin crowd couldn't escape the chaos. Dogecoin (DOGE) took a 20% nosedive, while Bonk (BONK) and Dogwifhat (WIF) fell 13% and 11% among others. It was a bloodbath out there!

While some assets have managed to crawl back up a bit alongside Bitcoin in a small rebound, the overall market sentiment is still as shaky as a tightrope walker in a hurricane. The Cryptocurrency Fear & Greed Index has taken a nosedive from 'Greed' to 'Fear' territory, signaling that investors are getting as cautious as a cat in a room full of rocking chairs.