#TrumpVsMusk

Key Points on Trump vs. Musk Crypto Policies and Market Impact

Disagreement Over Tax Bill and EV Subsidies:

Musk publicly opposed Trump’s sweeping tax-cut and spending legislation, calling it a "disgusting abomination" because it would increase the federal deficit. Trump responded by accusing Musk of being upset due to the removal of EV tax incentives, which benefited Tesla, and suggested Musk’s opposition was self-interested. This disagreement reflects broader tensions over government support for green tech and fiscal policy.

Market Reaction and Crypto Price Declines:

The feud caused notable volatility in crypto markets. Bitcoin dropped over 4%, falling below $101,000, while other cryptocurrencies like Solana (SOL) and Sui (SUI) lost more than 7%. Crypto stocks such as Coinbase and miners also declined. The conflict triggered liquidations of over $300 million in Bitcoin long positions. Dogecoin, closely associated with Musk, fell about 10% amid the spat