Crypto Market Crash: Is Musk vs. Trump to Blame? 📉
Bitcoin has dropped to $101,928 (-3.1% in 24h), and the crypto market cap lost $180B, standing at $3.12T as of June 6, 2025. Is the discussion between Elon Musk and Donald Trump on X fueling the fire?
🔥 The Discussion: On June 5, Musk dropped a bomb on X, linking Trump to unpublished Epstein files. Trump responded, threatening to cut contracts with SpaceX and Tesla. Their war of words, intensified by Trump’s “Great, Beautiful Project” and the EU's 50% tariffs, spooked investors. Crypto fell 3% after the dispute, with Ethereum (-3.7%) and XRP (-3.3%) dropping.
📉 Other Culprits: $720M in futures liquidations, Trump’s tariffs (25% Canada/Mexico, 10% China), and the aftermath of the $1.5B Bybit hack are hitting the markets. Low liquidity doesn’t help—the reserves of Bitcoin/Ethereum are at historic lows.
😬 What’s Next?: Posts on X warn of more pain if this drama continues, with Bitcoin aiming for $100K. But some see this as a dip to buy. Stay cautious—the volatility is here to stay!