The escalating feud between U.S. President Donald Trump and Tesla CEO Elon Musk has significantly impacted the cryptocurrency market, leading to notable declines in major digital assets.
📉 Market Turmoil Amid Trump-Musk Feud
The public dispute between Trump and Musk has shaken investor confidence, resulting in a substantial sell-off in the crypto market:
Bitcoin ($BTC
): Dropped below $101,000, marking a significant decline.
Ethereum ($ETH
)
: Experienced a 6% decrease in value.
TrumpCoin ($TRUMP): Fell by 12% amid the turmoil.
Tesla Shares: Plummeted by 14%, erasing $152 billion from its market capitalization.
🔥 Highlights of the Trump-Musk Conflict
Legislative Disagreements: Musk criticized Trump's "One Big Beautiful Bill," which includes limits on green energy subsidies and immigration.
Personal Attacks: The feud escalated with Musk alleging Trump's involvement in the Epstein files, leading to further market instability.
Government Contracts: Trump threatened to terminate federal contracts with Musk's companies, including SpaceX.
🪙 Political Moves in Crypto
Amid the turmoil, Trump Media & Technology Group filed an application with U.S. regulators to launch the “Truth Social Bitcoin ETF,” aiming to hold bitcoin directly and be listed on the NYSE Arca exchange. This move is part of a broader push by the Trump administration to promote digital assets, including reversing previous crypto regulations and backing digital currency .