Bitcoin Dips Below $101K as Trump–Musk Feud Sparks Broader Market Jitters
A heated feud between President Donald Trump and billionaire entrepreneur Elon Musk rattled markets Thursday, triggering sharp declines across crypto assets and tech stocks as investor sentiment soured.
Bitcoin (BTC) dropped over 4% to around $100,500, flirting with a key psychological level and dragging the broader crypto market lower. The CoinDesk 20 Index fell more than 5% as traders reacted to the growing political tension and risk-off environment.
Major altcoins weren’t spared. Solana (SOL) and Sui (SUI) each slid more than 7%, while crypto equities tracked the downturn. Coinbase (COIN) lost 4.6%, Marathon Digital (MARA) declined nearly 5%, and Riot Platforms (RIOT) shed 4.8%. Even Tesla (TSLA) plunged over 14% as the conflict took center stage.
The sell-off gained momentum after Trump reportedly considered canceling government contracts with Musk-led firms, including SpaceX and Tesla. In retaliation, Musk launched a barrage of social media posts accusing Trump of misconduct and even called for his removal from office.
Compounding the volatility, USDC issuer Circle (CRCL) made a dramatic stock market debut, opening at $31 and closing at $83 — a more than 160% gain. Though seen by some as a sign of market strength, the exuberant listing also revived comparisons to Coinbase’s 2021 IPO, which famously marked a local top in crypto markets.
As geopolitical tensions spill over into markets, investors are reassessing risk exposure — and the Trump–Musk saga appears far from over.
