Crypto Markets Sway as Trump–Musk Rift Deepens; Bitcoin Hovers at $100K
A high-stakes feud between President Donald Trump and Elon Musk sparked renewed volatility across the crypto landscape on Thursday, unsettling investors and sending major digital assets into the red.
Bitcoin (BTC) briefly fell below $100,500, down over 4% on the day, as traders reacted to the intensifying political drama. The CoinDesk 20 Index, a benchmark for top crypto assets, slid over 5%, with altcoins and crypto-related stocks faring even worse.
Solana (SOL) and Sui (SUI) plunged over 7%, while equities tied to the sector — including Coinbase (COIN), Marathon Digital (MARA), and Riot Platforms (RIOT) — dropped between 4% and 5%. Tesla (TSLA) also saw a steep 14% decline as the confrontation weighed on investor sentiment in both crypto and tech sectors.
The conflict began with Musk criticizing Trump’s fiscal policies and spiraled into personal attacks. Trump retaliated with threats to reassess government contracts tied to SpaceX and Tesla. Musk responded with a barrage of social media posts, calling for Trump’s impeachment and accusing the president of misconduct.
Meanwhile, Circle (CRCL), the issuer of stablecoin USDC, made a spectacular public debut, closing at $83 after launching at $31. The IPO success recalled the buzz of Coinbase’s 2021 listing — a moment that, in hindsight, marked a market top.
As tensions between two of the most influential figures in tech and politics escalate, markets are struggling to find direction. Crypto investors now face not just economic headwinds, but geopolitical ones as well.
About The Author
More Stories
Asia Markets: Cautious Calm Settles Over Bitcoin as Risk Positions Rebuild
“Analyst Dubs It ‘Bitcoin’s Silent IPO’ While Dissecting Market Stagnation in Viral Essay”
LINK Falls 8%, Breaking Support Even After Chainlink’s Largest Buyback in Months