Bitcoin threatens $100,000, and cryptocurrency losses deepen as the Musk/Trump conflict turns explosive

The dispute began as a disagreement over the Republican tax and spending bill currently before Congress, before escalating to unprecedented levels on Thursday.

Bitcoin has fallen further in late U.S. trading on Thursday as tensions between President Trump and Elon Musk reached new record highs. The price of Bitcoin is now down 4% and has fallen below $101,000. The CoinDesk 20 index dropped about 5%, with notable losses for SOL and SUI, while stocks tied to cryptocurrencies such as Coinbase and mining companies closed lower.

The cryptocurrency market is increasingly turning red as the dispute between U.S. President Donald Trump and Tesla CEO Elon Musk escalates.

By the end of the day in the United States, Bitcoin stood at $101,729.46, and Facebook's stock price dropped more than 4% to $100,500, threatening to fall below five figures for the first time in a month.

Losses exceeded 7%.

Coinbase (COIN) lost 4.6%, while Strategy (MSTR) fell by 2.4% on Thursday, while some mining companies including MARA Holdings (MARA), Riot Platforms (RIOT), and Core Scientific (CORZ) suffered losses of 5%.