🔻 Bitcoin Plunges as Trump’s ‘Big Beautiful Bill’ Escalates Feud with Musk
Washington, D.C. – July 2, 2025 — The crypto market is feeling the heat as political tensions between President Donald Trump and tech billionaire Elon Musk flare up again — this time over the newly passed One Big Beautiful Bill (OBBB).
Bitcoin (BTC) plunged below $105,000 in early Wednesday trading, shedding 1.5% after the Senate narrowly passed Trump’s landmark legislation in a dramatic 51–50 vote. Vice President JD Vance broke the tie after nearly 24 hours of deliberation.
The OBBB — which revives Trump-era tax cuts and rolls out major policy reforms — is now headed back to the House for final review, with a July 4 deadline looming.
But it's the elimination of electric vehicle (EV) tax credits that’s at the heart of a bitter political clash. Trump has openly targeted Elon Musk, whose companies like Tesla benefit heavily from those subsidies.
> “Elon Musk knew, long before he strongly endorsed me, that I was against EV mandates,” Trump posted on Truth Social.
Trump also hinted that the Department of Government Efficiency (DOGE) — a body Musk ironically helped create — should revoke EV subsidies altogether to “save the U.S. a fortune.”
📉 Market Reaction: Crypto and AI Tokens Sink
The political fallout rattled the broader crypto market:
Bitcoin fell 1.5% to $105,000
Ethereum (ETH) dropped 3.2%
XRP slid 3%
Solana (SOL) dipped 4%
Top AI tokens also took a hit amid the unrest:
Bittensor (TAO): -4%
Near Protocol (NEAR): -4%
Internet Computer (ICP): -3%
Market analysts point to growing investor uncertainty as the Trump-Musk rivalry threatens to bleed into economic and tech policy — with billions in subsidies and market caps at risk.
With Trump pushing to finalize the OBBB before Independence Day, crypto investors are bracing for more volatility ahead.
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