What’s going on between Trump and Musk?

It all blew up when Elon Musk publicly slammed President Trump’s “One Big Beautiful Bill”—a $2.4 trillion Republican tax-and-spending plan—calling it a “disgusting abomination” and urging people to oppose it. Trump fired back on Truth Social, accusing Musk of overreacting after electric-vehicle subsidies were cut, and even threatened to pull government contracts from Tesla and SpaceX. Musk then doubled down by calling for Trump’s impeachment and dredging up Epstein-related allegations against him. What started as a policy spat quickly turned personal: Trump said Musk “lost his mind” and wasn’t interested in talking, while Musk accused Trump of “ingratitude.” Their friendship from early 2024 is now officially kaput.

How’s crypto reacting?

Because Musk is so closely tied to Dogecoin and other tokens, tensions sent DOGE plummeting 6 percent in 24 hours, and 12 percent over the week, tumbling to about $0.18. Bitcoin dipped roughly 4 percent—briefly falling under $101,000—while the broader CoinDesk 20 index slid nearly 5 percent, dragging down altcoins like SOL and SUI. Some reports estimate the feud wiped out as much as $124 billion from crypto valuations overnight, with panicked investors fleeing to seemingly safer options like XRP or cloud-mining platforms.

What could happen next?

If this spat lingers, expect continued volatility—especially in tokens Musk has publicly backed. Dogecoin might keep swinging wildly based on Musk’s social-media jabs or Trump’s policy moves. Even Bitcoin, which is more insulated, could feel ripples as overall market sentiment sours. In the longer term, though, once both sides cool off (or find a truce), crypto markets will likely stabilize—at least until the next headline-grabbing tweet. For now, buckle up: whenever high-profile figures with massive followings clash, crypto traders tend to buckle their seatbelts. #TrumpVsMusk