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Bitcoin Slips to $103K as Trump-Musk Clash Hits Meme Coins
Price: $104,853.45
Change: +1.05%
Bitcoin extended its recent downturn on Friday, slipping further as investors continued locking in profits amid ongoing uncertainty over the U.S. economy and trade environment.
The pullback in the crypto space was intensified by a heated public dispute between former President Donald Trump and tech mogul Elon Musk. Their feud took a toll on associated meme tokens—particularly #$TRUMP and Dogecoin—which saw sharp declines.
At 09:24 ET (14:24 GMT), Bitcoin was down 0.5% at $103,950.70, after having dipped earlier to $101,127.60. Broader digital assets followed suit, mirroring Bitcoin’s slide.
Market sentiment soured further following a Wall Street selloff, partly driven by the intensifying Trump-Musk spat. Investors remained cautious ahead of a key U.S. jobs report, with nonfarm payrolls data expected to reflect continued cooling in the labor market.
Meme-based cryptocurrencies linked to Trump and Musk were particularly hard-hit. #Dogecoin and #$TRUMP suffered steep losses on Thursday and Friday, reacting to escalating rhetoric between the two figures.
The conflict centers around a major tax-and-spending proposal supported by Trump, which Musk harshly criticized as a “pork-filled… abomination.” In response, Trump suggested potential retaliation, including cutting off federal contracts to Musk-owned firms like SpaceX, while also taking personal jabs at Musk’s character.
Given that meme coins are highly driven by public sentiment, the fallout led to significant declines:# $TRUMP dropped over 10% on Friday, while Dogecoin slid 6.3%.
Bitcoin Set for Weekly Loss Amid Profit-Taking
Bitcoin is on track for a 1.6% weekly decline, marking its second consecutive week of losses. This comes after the cryptocurrency hit a record high of nearly $112,000 in mid-May.
Since then, Bitcoin has mostly traded sideways as macroeconomic jitters prompted many traders to cash in on previous gains, signaling a pause in momentum for the world’s leading cryptocurrency.
