#TrumpVsMusk

Trump, not one to stay quiet in the face of criticism, hit back with accusations of "Trump Derangement Syndrome" against Musk and threats to yank government contracts from every Musk-led company.

The battle raged within minutes as the two men traded punches on X, and their followers fueled the fire. Hashtags like #TrumpVsMusk and #CryptoCrash trended globally as the cryptocurrency community watched in amazement.

As tensions escalated, market reaction was swift and brutal. Bitcoin, which had teetered on exploding to over $107,000 just a few days earlier, plummeted, shedding to beneath $101,000 by Friday morning.

CoinGlass and BeInCrypto indicated that nearly $1 billion in leveraged positions in the crypto markets were cleaned out in a 24-hour span as the price broke and cut through major resistance levels.

The selloff didn't stop with Bitcoin. Ethereum declined 6.6% to $2,420, Solana lost 6%, and Dogecoin, historically associated with Musk, dropped 7.9%.

Even the meme coin associated with Trump saw double-digit losses. Crypto stocks tracked the carnage, with Coinbase (COIN) off 4.6% and mining stocks like Marathon and Riot falling 5%.

The uncertainty was more than technical in nature. Musk's threat that Trump's tariffs would trigger a U.S. recession in the second half of 2025 only added to the concern.