The public feud between Elon Musk and Donald Trump has sparked more than just political drama it's stirring shockwaves across financial markets, especially crypto. After Musk criticized Trump’s massive tax-and-spend bill and hinted at forming a new “America Party,” Trump fired back, threatening to cut federal subsidies and even hinted at deportation. The tension intensified on social media, shaking investor confidence in Musk-led ventures.
This political standoff wiped nearly $150 billion off Tesla’s market cap in one day, while Dogecoin (DOGE) historically tied to Musk’s tweets fell 7%, triggering broader selloffs in Bitcoin and Ethereum. Traders saw Bitcoin dip 5% and Ethereum 7% as the feud hit headlines.
For Binance users and crypto investors, this serves as a reminder: celebrity and political sentiment can move markets fast. Meme coins like DOGE are especially vulnerable to Musk's stance, and traders are now closely watching for any policy threats from Trump that could impact crypto regulation or adoption.
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