A Storm in the Crypto Kingdom: Trump vs. Musk Rocketing the Market Rollercoaster
Trump and Musk's romantic endeavor ceases: Stock market experiences significant downturn
The rollercoaster ride in the cryptocurrency market has picked up another wild twist, with the escalating feud between President Donald Trump and tech maverick Elon Musk shaking things up. The result? A series of steep drops in crypto values, leaving investors on tenterhooks.
The crypto market plummeted dramatically on June 6, dipping to a low of around $1.7 trillion — a hefty decrease of 3.26 trillion from its peak. This recent low marks the market's lowest point since May 8, and despite Asian markets opening with small gains, the total crypto value still hovers around $3.348 trillion. Experts caution that if crucial support levels are breached, we may witness prolonged declines.
The Tumultuous Trump-Musk Ripples
The crypto market's rocky ride all started with the sudden tension between U.S. President Donald Trump and tech innovator Elon Musk. On June 5, Musk, via Twitter, expressed his concerns over Trump's "nonsensical" remarks, suggesting they might lead to a U.S. recession by year's end, and accused Congress of recklessly steering the nation towards bankruptcy.
President Trump retaliated through his Truth Social account, escalating the situation further. He hinted at cancelling deals with SpaceX, triggering Musk's response:
"In response to President Trump's statements, SpaceX is preparing to ground the Dragon spacecraft."
The Bombshell Drop: Trump in Epstein's Files?
The most dramatic development came when Musk made the shocking claim that Donald Trump's name appeared in the exploitative Jeffery Epstein files. Musk stated:
"Now it's time to drop the big one. Donald Trump's name is in the Epstein files. It's going to be some good times, DJT."
In response, Trump stayed unfazed:
"I don't even care about Elon's flip-flopping. He should have done this a long time ago. 'The One Big Beautiful Bill' is the greatest legislation ever presented to Congress."
Why Did the Crypto Market Crash?
The dramatic turn of events caused a domino effect in global markets, including the crypto sphere. According to CoinGlass data, approximately $1 billion in liquidations occurred in the last 24 hours. Around 228,000 investors' long positions were liquidated, with over 90% of these being Bitcoin positions.
Bitcoin's price dropped from $105,888 to $100,783 during this period. In the last 24 hours alone, BTC has shed 1.1% of its value and is currently trading at around $103,665.
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Sources: [1] Finance Magnates, [2] CoinGlass, [3] Reuters, [4] The Guardian
- The escalating tension between President Donald Trump and tech innovator Elon Musk, notably in the realm of finance and politics, has been causing turbulence in the crypto market, with their discourse leading to drastic drops in crypto values.
- The recent cryptocurrency market crash was exacerbated by the controversy surrounding the comments made by both Trump and Musk, leading to a domino effect in global markets, including the crypto sphere.
- The impact of the events between Trump and Musk, along with advancements in technology and general-news headlines, should be considered by investors when making decisions about their crypto-investing strategy.
