Bitcoin traders faced significant losses as the cryptocurrency's price dropped nearly 3% amid a growing feud between Donald Trump and Elon Musk. The price fell from about $105,915 to $100,500, resulting in approximately $308 million in liquidated long positions. This decline aligns with macroeconomic tensions and increased selling by long-term Bitcoin holders, many of whom are cashing in profits after Bitcoin peaked at $111,970 on May 22. As of the latest figures, Bitcoin is being held at $102,180, marking a 3.61% decrease over the past week. Analysts note that Trump’s tariff plans could catalyze a recession, compounding Bitcoin’s price pressures. Musk publicly criticized Trump’s tariffs and hinted at cutting government contracts with SpaceX, sparking further controversy. Market-wide liquidations exceeded $982.55 million within 24 hours, predominantly from long positions. The bearish sentiment among long-term holders continues to build, raising concerns about a potential short-term correction due to a lack of positive market catalysts.

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