The week started off slowly, but things got much more exciting, especially because of a dramatic situation involving the U.S. President and Elon Musk. Their public argument even affected the crypto markets.
But before we get into that drama, let’s look back at what happened since last Friday. At that time, Bitcoin's price was pretty stable, staying around $104,000 after being rejected several times near $110,000 the week before.
As the new week began, Bitcoin tried to rise but couldn’t go higher than $106,500, even after several attempts. Even when the European Central Bank cut interest rates for the eighth time—bringing them down to 2%, the lowest in two years—Bitcoin only reached $106,000 before facing selling pressure and dropping to a low of $100,400.
Many blamed this sharp drop on the public fight between Elon Musk and the President. Both used social media to criticize each other. Musk accused Trump of being linked to Jeffrey Epstein, and the President threatened to cancel Musk’s government contracts. There were also rumors that Trump might sell his Tesla car, though he denied wanting to settle things over the phone.
Despite all this, Bitcoin managed to recover a bit and is now back around $104,000. That’s only a 1.7% drop for the week. However, other cryptocurrencies suffered more: DOGE fell 12.5%, SIU dropped 8.5%, LINK went down 8.5%, and AVAX lost 10%.