Bitcoin plunges to $ 100,000 amid conflict between Donald Trump and Elon Musk

The public conflict between Donald Trump and Elon Musk has caused concern in the financial markets, leading to a sharp drop in Tesla shares and a general decline in the crypto market. The dispute erupted during a meeting at the White House on June 5, when Trump expressed his disappointment with Musk, with whom he had close ties during his second term in office.

Musk responded to the accusations by saying that without him, Trump would have lost the election. He also supported the call for Trump’s impeachment, although such an initiative is currently unrealistic, as both houses of Congress are controlled by Republicans. This has increased market turbulence, particularly in the crypto market.

Bitcoin BTC $105,301.11 Bitcoin 1.10% Market capitalization $2.09 trillion VOL. 24 hours $1.26 billion dropped to $ 100,500 and then recovered to over $ 102,700, while more than $ 324 million in growth positions were liquidated overnight, according to Coinglass data. Overall, the crypto market lost about 5% of its value during this period. The $TRUMP meme coin, which had previously been growing against the backdrop of their cooperation, fell by 10%.

Tesla shares were particularly hard hit, closing down 14% on Thursday and down 16% overall since Musk began criticizing Trump’s new domestic policy bill. Currently, the company’s shares are quoted about a third lower than at the beginning of Trump’s presidential term.

Investors now fear that the rift between Musk and Trump will jeopardize federal subsidies and contracts that are critical to Tesla and related sectors. This conflict has already gone beyond personal animosity, becoming a factor affecting financial markets, as well as the prospects for the technology and crypto sectors as a whole.