Markets sink amid Trump and Musk tension
Markets sink amid Trump and Musk tension originally appeared on TheStreet.
On June 6, the overall cryptocurrency market cap decreased by 3.42% to $3.36 trillion, with losses concentrated in large-cap cryptocurrencies, including Ethereum (-5.4%), Solana (-8.7%), and Dogecoin (-13.3%), as per Kraken.
Bitcoin remained stable, down only 1.8% to $104,002, with 24-hour trading volume at more than $41.8 billion. Altcoins across the board saw weekly losses exceeding 2%, with Cardano, XRP, and BNB all suffering notable declines.
However, Bitcoin had a small gain of 0.3% over the last hour. BNB saw a 0.4% gain, while Solana had a similar hourly gain of 0.7%.
Cardano saw the most significant hourly gain of 1.3% on the hourly bounce. Other cryptocurrencies, such as Dogecoin and XRP, experienced hourly bounces of 0.6% and 0.1%, respectively.
The overall decline is occurring alongside broader macro and political tensions, while we observe an escalating war of words between U.S. President Donald Trump and Elon Musk.
After Musk condemned Trump's $1.5 trillion "Liberation Day" spending bill for a "disgusting abomination", the former allies had a bitter exchange across social media. Musk, who has recently resigned from the Department of Government Efficiency, accused Trump of being ungrateful and claimed credit for helping the GOP win the 2024 elections.
Trump dismissed the drama, telling Politico, "It's going very well, never done better", although aides set up a call to reconcile.
Speaking alongside German Chancellor Friedrich Merz, he suggested that Musk's anger stemmed from losing electric vehicle (EV) subsidies, which he believes will negatively impact Tesla.
The feud has already sown uncertainty in the already jittery markets over debt risks and policy uncertainty. With crypto sentiment already teetering, analysts warn that U.S. political instability could encourage further outflows from tokens such as DOGE and ADA, which are more retail-heavy.
Markets sink amid Trump and Musk tension first appeared on TheStreet on Jun 6, 2025
This story was originally reported by TheStreet on Jun 6, 2025, where it first appeared.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fox Sports
20 minutes ago
- Fox Sports
Trump attends UFC championship fight in New Jersey, taking a break from politics, Musk feud
Associated Press NEWARK, N.J. (AP) — President Donald Trump walked out to a thunderous standing ovation just ahead of the start of the UFC pay-per-view card at the Prudential Center on Saturday night, putting his public feud with tech billionaire Elon Musk on hold to instead watch the fierce battles inside the cage. Trump was accompanied by UFC President Dana White and the pair headed to their cageside seats to Kid Rock's 'American Bad Ass.' Trump and White did the same for UFC's card last November at Madison Square Garden, only then they were joined by Musk. Trump shook hands with fans and supporters — a heavyweight lineup that included retired boxing champion Mike Tyson — on his way to the cage. Trump was joined by his daughter Ivanka Trump and her husband, Jared Kushner, along with son Eric Trump and Secretary of State Marco Rubio. Trump shook hands with the UFC broadcast team that included Joe Rogan. Rogan hosted Trump on his podcast for hours in the final stages of the campaign last year. UFC fans went wild for Trump and held mobile devices in their outstretched arms to snap pictures of him. Trump arrived in time for the start of a card set to include two championship fights. Julianna Pena and Merab Dvalishvili were scheduled to each defend their 135-pound championships. UFC fighter Kevin Holland won the first fight with Trump in the building, scaled the cage and briefly chatted with the President before his post-fight interview. ___ AP sports:
Associated Press
24 minutes ago
- Associated Press
Trump attends UFC championship fight in New Jersey, taking a break from politics, Musk feud
NEWARK, N.J. (AP) — President Donald Trump walked out to a thunderous standing ovation just ahead of the start of the UFC pay-per-view card at the Prudential Center on Saturday night, putting his public feud with tech billionaire Elon Musk on hold to instead watch the fierce battles inside the cage. Trump was accompanied by UFC President Dana White and the pair headed to their cageside seats to Kid Rock's 'American Bad Ass.' Trump and White did the same for UFC's card last November at Madison Square Garden, only then they were joined by Musk. Trump shook hands with fans and supporters — a heavyweight lineup that included retired boxing champion Mike Tyson — on his way to the cage. Trump was joined by his daughter Ivanka Trump and her husband, Jared Kushner, along with son Eric Trump and Secretary of State Marco Rubio. Trump shook hands with the UFC broadcast team that included Joe Rogan. Rogan hosted Trump on his podcast for hours in the final stages of the campaign last year. UFC fans went wild for Trump and held mobile devices in their outstretched arms to snap pictures of him. Trump arrived in time for the start of a card set to include two championship fights. Julianna Peña and Merab Dvalishvili were scheduled to each defend their 135-pound championships. UFC fighter Kevin Holland won the first fight with Trump in the building, scaled the cage and briefly chatted with the President before his post-fight interview. ___ AP sports:
Yahoo
34 minutes ago
- Yahoo
It's Opening Night for the MAGA Makeover of the Kennedy Center
Ticket sales are down amid Trump's planned overhaul of national arts center, which includes 'common sense' programming, a prayer wall and refurbished decor; $2 million gold-tier fundraiser.
