#TrumpVsMusk The drop caught traders by surprise, with approximately 308 million dollars in long positions liquidated during the same period, according to CoinGlass.

This occurred alongside an escalation in Musk's public dispute with Trump, with the head of Tesla taking to his platform X on June 5 to say that Trump's plan to impose widespread global tariffs "will cause a recession in the second half of this year."

Several cryptocurrency analysts share the same opinion. Swyftx's chief analyst, Pav Hundal, previously told Cointelegraph that there is a risk that US policymakers will delay monetary relief until they obtain "concrete data" on the impact of Trump's tariffs, which would risk a "slowdown in growth."