đ° Crypto Market Turmoil as Trump-Musk Feud Rattles Investors
Date: June 6, 2025
The cryptocurrency market is reeling from fresh volatility today, as a public feud between U.S. President Donald Trump and Tesla CEO Elon Musk sends shockwaves through the global financial ecosystem.
đ Market Snapshot
Bitcoin (BTC): Dropped below $105,000 and is currently trading around $103,263, reflecting a 1.24% decline over the last 24 hours.
Ethereum (ETH): Down 5.77%, now priced at approximately $2,459.86.
BNB: Trading at $641.18, marking a 3.98% drop.
XRP: Has fallen to about $2.13, losing 2.74%.
Cardano (ADA): Down 5.58%, now at $0.6408.
The total global crypto market capitalization has contracted to $3.21 trillion, highlighting the widespread nature of the decline.
â ď¸ Whatâs Driving the Downturn?
The market slide comes amid escalating tensions between President Trump and Elon Musk, with their public conflict injecting a fresh wave of uncertainty into investor sentiment. This has not only disrupted traditional financial markets but has also triggered a ripple effect in the digital asset space.
Adding to the turbulence, a wave of liquidationsâparticularly among overleveraged positionsâhas intensified selling pressure, accelerating the pace of losses across major tokens.
đ Outliers and Surprises
Stacks (STX): Bucking the trend, STX has soared by 9.13% in the past 24 hours, becoming one of the top-performing assets in an otherwise bearish market.
$MUBARAKAH Coin: The religious-themed token has seen a staggering 92% surge within a single day, likely driven by community excitement ahead of Eid al-Adha.