The crypto world was thrown into chaos this week—not by regulation or inflation, but by a very public feud between two of the most powerful figures in America: Elon Musk and Donald Trump. What started as a political disagreement quickly spiraled into personal attacks, federal threats, and billions of dollars lost across the crypto market.
A Billionaire Brawl Goes Public
It all kicked off when Elon Musk took to his platform X to slam a GOP-backed spending bill, calling it a "disaster for the economy." Trump fired back at a rally, calling Musk "unstable" and suggesting that if he continued supporting Democrats, there would be "very serious consequences" for Tesla and SpaceX.
Musk didn’t hold back either. He responded with a string of pointed posts, alluding to Trump’s legal issues and ties to controversial figures. The exchange exploded online, with millions watching the drama unfold in real-time.
Bitcoin Stumbles Below $100K
As the feud escalated, investors started to panic. Bitcoin, which had been trading steadily above $106,000, dropped sharply—briefly falling below the key $100,000 level. It later rebounded to around $105,000, but not before triggering massive liquidations.
Roughly $1 billion in leveraged crypto trades were wiped out in less than a day. Dogecoin, often associated with Musk, dropped over 10%. Other major coins like Ethereum, Solana, and Cardano fell between 5% and 8%.
Why It Hit So Hard
This wasn’t just a celebrity spat—it was a wake-up call for the crypto market. Musk and Trump each have enormous influence over financial sentiment. When they fight, markets listen. And this time, the fear wasn't just about prices dropping—it was about the possibility of political retaliation.
Some lawmakers are already calling for federal reviews of Musk’s companies. Others are pushing for more crypto oversight in light of how easily tweets and public comments can shake the entire market.
What Comes Next?
All eyes are on Bitcoin’s next move. If it falls below $100K again, it could trigger another wave of selling. Meanwhile, there’s no sign that Musk and Trump are ready to make peace. In fact, things could get even messier as the 2024 election cycle heats up and crypto becomes more politically charged.
Investors are also watching Washington. With both figures under the spotlight, Congress may finally take steps toward more formal crypto regulation, especially around influencers and market manipulation.
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