Bitcoin slid to $101,561 (-3.1% in 24h), wiping out $180B from the total crypto market cap, now at $3.12T (as of June 6, 2025). Is the escalating Elon Musk vs. Donald Trump feud on X behind the sell-off?
š„ What Happened:
On June 5, Musk dropped a bombshell on X, suggesting Trump is tied to unreleased Epstein files. Trump fired back fastāthreatening to gut Tesla and SpaceX contracts, and reigniting controversy around his āBig, Beautiful Billā and new 50% EU auto tariffs. The feud triggered a sharp 3% crypto market dip.
Ethereum: -3.7%
XRP: -3.3%
š£ Other Pressure Points:
$720M in liquidated futures positions
Trump's new tariffs: 25% on Canada/Mexico, 10% on China
Aftermath of Bybitās $1.5B hack
Record-low Bitcoin/Ethereum exchange reserves = thin liquidity
š Looking Ahead:
Some on X warn of more pain if the drama escalatesāBitcoin could retest $100K. Others are eyeing this as a potential dip-buying opportunity. One thingās certain: volatility is back.
#CryptoCrash #Bitcoin #MuskVsTrump #CryptoNews $BTC
