Cryptocurrency Market Plummets Amidst Trump-Musk Dispute

The total cryptocurrency market cap dropped by approximately $170 billion to $3.26 trillion on June 5, marking its lowest since May 8. This downturn, which slowed in Asia's early Friday trading, is linked to the escalating feud between US President Donald Trump and SpaceX CEO Elon Musk.

Musk's criticism of Trump's tariffs and Congress's spending, coupled with backlash over the cancellation of SpaceX government contracts and allegations linked to the Epstein files, contributed to the market instability. Additionally, nearly $1 billion in crypto was liquidated in the last 24 hours, affecting around 228,000 traders, predominantly in BTC long positions.

Despite Bitcoin's marginal recovery to $102,800 during Asian trading on Friday, analysts predict more consolidation unless the sell-off quickens.