BTC Dips Amid Musk-Trump Feud
Bitcoin (BTC) is trading around $103,682, down 1.05% over the past 24 hours. The decline comes amid mounting geopolitical tensions, profit-taking activity, and a highly publicized fallout between Donald Trump and Elon Musk—events that have cast a shadow over broader crypto market sentiment.
The ripple effect is evident across major altcoins. Ethereum has fallen 5.35% intraday, Dogecoin dropped 8%, BNB slipped 4% to $642.15, and Solana is down 3%. Notably, the Official Trump token has plummeted 10%.
Reports suggest Musk, the Tesla CEO, donated approximately $300 million to support Trump’s 2024 victory. However, tensions escalated in early June after Musk publicly criticized Trump’s “Big Beautiful Bill”—a large-scale spending proposal—arguing it would add $2.4 trillion to national debt and eliminate EV tax incentives.
How the Musk-Trump Feud Is Impacting Crypto: The public rift has introduced heightened volatility and shaken investor confidence. Over $1 billion in value has been wiped from the crypto market in just 24 hours.
Analysts believe the feud has rattled U.S. institutional investors and large holders (“whales”), triggering a wave of sell-offs and liquidations. This surge in negative sentiment is further pressuring an already fragile market.
The global crypto market cap currently stands at $3.21 trillion, marking a 2 % drop over the past day. On June 5, spot Bitcoin ETFs recorded net outflows of $278.4 million, while spot Ether ETFs saw modest net inflows of $11.3 million.
Trump Media & Technology Group, the parent company of Truth Social, has filed a Form S-3 registration statement with the U.S. Securities and Exchange Commission following a $2.3 billion raise to build one of the largest Bitcoin treasuries.
Metaplanet, the Japanese firm mirroring MicroStrategy’s Bitcoin playbook, just went all in. In a bold tweet, the company unveiled its goal to hold 210,000 BTC by 2027 — that’s 1% of Bitcoin’s total supply!
Outlook: Investors are now turning their attention to the upcoming non-farm payrolls report, set to be released by the U.S. Bureau of Labor Statistics later today. The data is expected to show a gain of 130,000 jobs—marking the smallest increase in three months—while the unemployment rate is forecast to remain at 4.2%.
If the report shows weaker-than-expected job growth or a rise in unemployment, it may increase pressure on the Federal Reserve to consider an earlier interest rate cut, potentially as soon as September. Such a shift could help stabilize or even revive crypto and equity markets in the near term.
You need to login in order to Like
Leave a comment