Crypto Market Crash: Musk vs. Trump Feud to Blame? 📉
Bitcoin’s down to $101,928 (-3.1% in 24h), and the crypto market cap shed $180B to $3.12T as of June 6, 2025. Is the Elon Musk-Donald Trump X feud fueling the fire?
🔥 The Feud: On June 5, Musk dropped a bombshell on X, linking Trump to unreleased Epstein files. Trump hit back, threatening to slash SpaceX and Tesla contracts. Their war of words, escalating over Trump’s “Big, Beautiful Bill” and 50% EU tariffs, spooked investors. Crypto dipped 3% post-feud, with Ethereum (-3.7%) and XRP (-3.3%) tanking.
📉 Other Culprits: $720M in futures liquidations, Trump’s tariffs (25% Canada/Mexico, 10% China), and Bybit’s $1.5B hack aftermath are hammering markets. Low liquidity isn’t helping—Bitcoin/Ethereum reserves are at historic lows.
😬 What’s Next?: X posts warn of more pain if this drama drags on, with Bitcoin eyeing $100K. But some see this as a dip to buy. Stay cautious—volatility’s here to stay!