The public dispute between Elon Musk and President Donald Trump has significantly affected the cryptocurrency market, leading to a decline in prices and an increase in volatility.

The main impacts on cryptocurrencies:

Decline in cryptocurrency prices: Bitcoin dropped by 4% to less than $101,000, while the CoinDesk 20 index fell by nearly 5%, with notable losses in coins like Solana (SOL) and Sui (SUI).

Increased volatility: The political tension between Musk and Trump created a sense of uncertainty in the markets, prompting investors to avoid risks, especially in digital assets that are highly sensitive to volatility.

Impact on Musk-linked currencies: Dogecoin (DOGE), which Musk is known for supporting, saw a 12.3% increase in trading volume over a short period, along with a slight rise in price.