Bitcoin, Ethereum, Dogecoin Drop As Crypto Market Loses $124 Billion Amid Trump-Musk Feud And Mass Liquidations
Major cryptocurrencies declined sharply on Friday, with the total crypto market cap falling 3.77% to $3.18 trillion. Bitcoin (CRYPTO: BTC) maintained a 63.7% dominance, while Ethereum (CRYPTO: ETH) held a 9.2% market share.
| Cryptocurrency | Gains +/- | Price (Recorded at 11.00 p.m. ET) |
| Bitcoin | -2.78% | $102,148 |
| Ethereum | -7.18% | $2,435 |
| Dogecoin (CRYPTO: DOGE) | -9.14% | $0.1726 |
What Happened: The selloff coincided with an escalating public dispute between President Donald Trump and Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk that has rattled both traditional and digital asset markets.
Tesla shares plunged 14.3% on Thursday as Trump threatened to terminate billions in government contracts and subsidies for Musk’s companies, including Tesla and SpaceX.
The feud began when Musk criticized Trump’s spending bill as a “massive, outrageous, pork-filled Congressional abomination” on social media. Musk departed his role as senior adviser at the Department of Government Efficiency just days before the public confrontation escalated.
The Solana (CRYPTO: SOL)-based OFFICIAL TRUMP (CRYPTO: TRUMP) memecoin dropped 9.75% to $9.82 amid the political tensions. Trump posted an …
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