#TrumpVsMusk
๐ฅ Crypto Markets Tumble Amid TrumpโMusk Showdownโโ
๐จ The total crypto market cap plunged by $170B on June 5, hitting $3.26T โ the lowest since May 8 โ before bouncing back slightly to $3.3T during Asian trading. Bitcoin slid $5K to below $101K, later stabilizing around $102.8K. Nearly $1B in positions were liquidated, affecting 228K traders โ with 90% of losses hitting BTC longs.
๐ฅ The trigger? A heated feud between President Trump and Elon Musk. Musk slammed Trumpโs tariffs, warned of a looming recession, and criticized the โOne Big Beautiful Bill,โ even alluding to possible Epstein ties. Trump clapped back, defending the bill and threatening SpaceX contracts โ prompting Musk to threaten pulling Dragon spacecraft.
๐ค Market analysts expect further consolidation unless selling accelerates. Could this mark the end of the bull run?