As of June 7, 2025, the escalating feud between President Donald Trump and Elon Musk has significantly impacted the cryptocurrency market. The dispute began when Musk publicly criticized Trump's "One Big Beautiful Bill," a tax-cut measure Musk deemed fiscally irresponsible. In response, Trump accused Musk of being upset over the removal of electric vehicle subsidies and claimed Musk knew the bill's contents but turned against it post-departure from Trump's administration .

This public spat has led to a sharp decline in the crypto market, with over $124 billion wiped out in 24 hours . Bitcoin briefly plunged to $101,000, triggering $300 million in liquidations . Dogecoin, $DOGE Musk's favored cryptocurrency, also tumbled amid the conflict .

In the midst of this turmoil, the Bitcoin community has urged Musk to embrace Bitcoin to counter Trump's feud, pushing Tesla to accept it and build a cryptocurrency reserve . Musk's public fight with Trump is likely to do little to push the Tesla board to make moves against him, according to corporate governance experts .

Trump, on the other hand, has launched his own cryptocurrency, $TRUMP , which soared to a market valuation of $5 billion within hours of its release . He has also established a U.S. strategic Bitcoin reserve, aiming to make the U.S. the "Crypto Capital of the World" .

As the feud persists, the crypto market remains volatile, with investors closely monitoring the developments between these two influential figures. $TRUMP