Crypto Prices Slide as Trump-Musk Drama Unfolds

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Cryptocurrency markets saw a huge slump over the past day as Bitcoin tumbled to its lowest level for almost a month.

Total crypto market capitalization declined by around $170 billion in a fall to $3.26 trillion on June 5, its lowest level since May 8, almost a month ago.

Markets are now poised for a further fall below longer-term levels if current support levels break down. However, the decline slowed during early trading in Asia on Friday morning, with a minor recovery to $3.3 trillion.

Donald vs Elon
The sharp decline appears to have been driven by a spat between US President Donald Trump and tech billionaire Elon Musk, who said the former’s tariffs “will cause a recession in the second half of this year,” and “Congress is spending America into bankruptcy!” on June 5.

As the war of words on each of their respective social media networks escalated, and the bromance collapsed, Musk also said:

“In light of the President’s statement about the cancellation of my government contracts, SpaceX will begin decommissioning its Dragon spacecraft immediately.”


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