#TrumpVsMusk
The ongoing feud between former U.S. President Donald Trump and Elon Musk have significantly impacted the cryptocurrency market, including platforms like Binance. This clash has led to heightened volatility and substantial losses across various digital assets.
Impact on the Crypto Market
Bitcoin (
ETHUSDT
دائم
2,475.41
-5.15%
$BTC BTC): The price of Bitcoin dropped below $101,000, triggering a broader sell-off in the crypto market.
Ethereum ($ETH ETH): Ethereum experienced a substantial loss, falling by 6%.
Dogecoin ($DOGE DOGE): Dogecoin's price fell 12.5% in 24 hours amid tensions between Donald Trump and Elon Musk.
Trump Coin: A meme-based cryptocurrency endorsed by Trump, experienced a 12% drop in afternoon trading.
Market Liquidations: The feud triggered nearly $1 billion in leveraged bets to be wiped out, causing significant liquidations across the crypto market.
Underlying Causes
The dispute began when Musk publicly criticized Trump's "One Big Beautiful Bill," a significant legislative initiative. Musk labeled the bill as a "disgusting disaster" that could dangerously inflate the national deficit. In response, Trump threatened to revoke billions of dollars in government subsidies and contracts for Musk's companies, including SpaceX.
This public fallout has not only affected the crypto market but also led to a 14% drop in Tesla's stock, wiping out approximately $153 billion in market value.
Investors are advised to exercise caution during this period of heightened volatility, as the ongoing tensions between these two influential figures continue to influence market dynamics.
