#TrumpVsMusk Trump vs. Musk: From Allies to Adversaries—The Fallout and Its Impact on Crypto

Once political allies, President Donald Trump and Elon Musk have entered a public feud that has sent shockwaves through both the political and financial arenas. Their relationship, which began with Musk’s significant support for Trump’s 2024 campaign and his role in the Department of Government Efficiency (DOGE), has deteriorated rapidly.  

The conflict intensified when Musk criticized Trump’s “One Big Beautiful Bill,” a substantial spending package, labeling it a “disgusting abomination.” In response, Trump threatened to terminate federal contracts with Musk’s companies, including SpaceX. Musk escalated the situation by resurfacing old Trump tweets criticizing government overspending and insinuating connections between Trump and Jeffrey Epstein.   

This high-profile dispute has had immediate financial repercussions. Bitcoin’s price dropped by 3%, nearing the $100,000 mark, and approximately $308 million in long positions were liquidated. The broader crypto market also suffered, with major altcoins like Ethereum, XRP, and Solana experiencing significant losses.   

The feud underscores the volatility that can arise when influential figures clash, especially when their disagreements spill over into policy and economic domains. As the situation unfolds, investors and observers alike are closely monitoring the potential long-term implications for the crypto market and beyond.

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