#TrumpVsMusk
The feud between Donald Trump and Elon Musk has sent shockwaves through the cryptocurrency market, particularly Bitcoin. The public exchange of insults between the two influential figures began when Musk criticized Trump's latest tax and spending package as "a disgusting abomination". Trump retaliated by threatening to cancel federal contracts with Musk's companies, including Tesla and SpaceX.
As a result, Bitcoin's price plummeted to $100,500, wiping out over $170 billion in total market capitalization. The cryptocurrency market tanked 6% in the last 24 hours, with major cryptocurrencies like Ethereum, XRP, and Solana experiencing significant losses. The $TRUMP meme coin, which had surged during the peak of their alliance, slid 10%.
Despite the market turmoil, some experts believe that the feud could highlight the allure of Bitcoin as an antidote to political risk and unstable leadership. Samson Mow, a Bitcoin advocate, even suggested that Musk should buy more Bitcoin and adopt a Bitcoin treasury strategy to challenge the existing fiat system.
The situation is still unfolding, but one thing is certain – the Trump-Musk feud has brought significant volatility to the cryptocurrency market.
