As of June 6, 2025, the cryptocurrency market is experiencing a downturn due to the conflict between U.S. President Donald Trump and Tesla CEO Elon Musk.

Some news about the impact of this conflict on cryptocurrencies:

Meme coins associated with Trump and Musk, particularly Dogecoin and $TRUMP, have incurred significant losses. In particular, $TRUMP fell by more than 10%.

The price of Bitcoin has dropped by more than 4% to $100,500, approaching the five-digit zone.

The CoinDesk 20 index decreased by more than 5%, with SOL and SUI losing over 7%.

Coinbase shares fell by 4.6%, and Strategy by 2.4%.

Miners MARA, RIOT, and CORZ suffered losses of about 5%.

The conflict escalated after Trump called Musk "crazy" and threatened to strip his company of government contracts. Musk responded with accusations linking Trump to the affairs of Jeffrey Epstein and called for Trump's impeachment.