Bitcoin Sinks, Tesla Shares Plunge Amid Elon Musk-Trump Clash

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Bitcoin sank and Tesla shares nosedived after Elon Musk claimed Donald Trump seems within the Epstein information, escalating a bitter feud with the US President

The crypto market slumped greater than 2% on the information, with Bitcoin dropping to a 24-hour low of $100,436.89 earlier than rebounding to $103,295.45, in accordance with CoinMarketCap.

Time to drop the actually huge bomb:@realDonaldTrump is within the Epstein information. That’s the actual cause they haven’t been made public.

Have a pleasant day, DJT!

— Elon Musk (@elonmusk) June 5, 2025

BTC’s drop caught merchants off guard, with $341.67 million in lengthy positions worn out previously 24 hours, knowledge from CoinGlass reveals.

In the meantime, Tesla inventory plunged 14% as buyers offered after Trump threatened to revoke authorities contracts for Musk firms.

Elon Musk Hits Again

Musk retaliated towards the President’s risk, and stated SpaceX will decommission its Dragon spacecraft “instantly.” He additionally known as for Trump’s impeachment.

In mild of the President’s assertion about cancellation of my authorities contracts, @SpaceX will start decommissioning its Dragon spacecraft instantly pic.twitter.com/NG9sijjkgW

— Elon Musk (@elonmusk) June 5, 2025

The feud between the 2 billionaires began after Musk denounced a sweeping tax minimize and spending invoice that may enhance the US debt ceiling. The ”huge, lovely invoice,” as Trump calls it, is a ”disgusting abomination,” in accordance with Musk.

Musk sharply escalated the feud yesterday when he alleged that Trump is talked about within the unreleased information of the late intercourse offender Jeffrey Epstein. Epstein died by suicide whereas awaiting trial on fees of intercourse trafficking.

White Home press secretary Karoline Leavitt denounced the allegation, calling it ”an unlucky episode from Elon, who’s sad with the One Massive Lovely Invoice as a result of it doesn’t embrace the insurance policies he wished.”

TRUMP Leads Meme Coin Market Hunch With 10% Plunge

As Trump and Musk slugged it out on social media, the Official Trump (TRUMP) meme coin plunged 10% within the final 24 hours to make it the largest loser among the many high 20 meme cash.

Meme coin giants Dogecoin (DOGE) and Shiba Inu (SHIB) had been unable to buck the bearish development, with Elon Musk favourite DOGE slumping greater than 6% and SHIB shedding over 3%.

The general meme coin market shed 5% of its market capitalization throughout the identical interval.