The crypto world just felt the tremors of a political and tech tycoon showdown. On June 5, the total crypto market cap plunged $170B, falling to $3.26T—the lowest since May 8—before seeing a mild recovery in Asian hours to $3.3T.
📉 $BTC Bitcoin took a $5K hit, briefly slipping below $101K before stabilizing at $102.8K. Meanwhile, over 228K traders got liquidated, with $970M in losses, 90% from long positions—mostly on BTC.
So what’s behind the crash?
🚨 It all started with a fierce public feud between Donald Trump and Elon Musk. Musk criticized Trump’s trade policies, warned of a looming recession, and didn’t hold back on questioning ties to controversial figures. Trump fired back, calling his trade bill “one of the greatest ever.” SpaceX even hinted at decommissioning Dragon if federal contracts are pulled.
Market analysts suggest we could see further consolidation—unless sentiment turns even more bearish. Is this the start of a major trend reversal?
👀 Stay tuned. The markets are watching
