Bitcoin Plunges to $100K After Trump-Musk Spar

The public spat between US President Donald Trump and billionaire Elon Musk put pressure on the market of the first cryptocurrency, which led to its decline by almost 3%. Now the asset is approaching the $100,000 mark.

The conflict between the politician and the entrepreneur began on June 5, when Musk criticized Trump's proposed tariff measures on the X social network, calling them economically dangerous.

"Trump's tariffs will cause a recession in the second half of this year," he wrote, along with a link to a news story.

This statement prompted a sharp reaction from the former president. Through Truth Social, which belongs to his media group Trump Media & Technology Group, Trump responded that if Musk continues to criticize his policies, companies associated with the businessman should not count on government contracts.

“If Elon wants to lose billions of dollars in government contracts, then so be it,” he said, emphasizing that the country’s budget would benefit from refusing to cooperate.

In response, Musk posted a message that SpaceX was phasing out Dragon spacecraft, though he later retracted the comment, saying it was a joke. However, tensions around the discussion escalated, which affected the stock market: Tesla shares under the ticker TSLA fell 14.26% in 24 hours, reaching $284.7, according to Google Finance.