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.<\/p>\n
Markets<\/a> 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.<\/p>\n The sharp decline appears to have been driven by a spat between US President Donald Trump and tech billionaire Elon Musk, who said<\/a> the former\u2019s tariffs \u201cwill cause a recession in the second half of this year,\u201d and \u201cCongress is spending America into bankruptcy!\u201d on June 5.<\/p>\n As the war of words on each of their respective social media networks escalated, and the bromance collapsed, Musk also said<\/a>:<\/p>\n \u201cIn light of the President\u2019s statement about the cancellation of my government contracts, SpaceX will begin decommissioning its Dragon spacecraft immediately.\u201d<\/p>\n In light of the President\u2019s statement about cancellation of my government contracts, @SpaceX<\/a> will begin decommissioning its Dragon spacecraft immediately pic.twitter.com\/NG9sijjkgW<\/a><\/p>\n \u2014 Elon Musk (@elonmusk) June 5, 2025<\/a><\/p>\n\n For more than a week, Elon Musk has been trashing Trump\u2019s signature piece of legislation, a spending bill called One Big Beautiful Bill.<\/p>\n \u201cI don\u2019t mind Elon turning against me, but he should have done so months ago. This is one of the Greatest Bills ever presented to Congress,\u201d said<\/a> Trump on Truth Social.<\/p>\n However, the clearly riled billionaire Tesla CEO didn\u2019t stop there, stating on X that it was \u201ctime to drop the really big bomb: Donald Trump is in the Epstein files.\u201d<\/p>\n \u201cThat is the real reason they have not been made public. Have a nice day, DJT!\u201d<\/p>\n BREAKING: President Trump\u2019s former White House Chief Strategist Steve Bannon calls for Elon Musk to be deported, per NY Times. https:\/\/t.co\/Q82Pbhzppt<\/a><\/p>\n \u2014 The Kobeissi Letter (@KobeissiLetter) June 5, 2025<\/a><\/p>\n\n The pair started to cool off<\/a> late on Thursday with Musk\u2019s admissions that it may be time to reconcile.<\/p>\n There has been almost $1 billion in crypto liquidations over the last 24 hours, according<\/a> to Coinglass. Around 228,000 traders were wrecked, almost 90% of them in BTC long positions, and the total liquidations were around $988 million, it noted.<\/p>\n However, analysts had predicted<\/a> that a leverage flushout was overdue, with open interest on Bitcoin futures markets hitting all-time highs recently.<\/p>\n Bitcoin lost almost $5,000 in a matter of hours, falling to a 4-week low just below $101,000 in late trading on Thursday. However, it found support there and recovered marginally to reach $102,800 during Asian trading on Friday.<\/p>\n Analyst \u201cCrypNuevo\u201d said that a quick bounce from this level was unlikely and more consolidation could occur, unless the sell-off accelerates.<\/p>\n $BTC<\/a> update:<\/p>\n Plan is playing out so far!<\/p>\n Let\u2019s see if this psychological support ($100k) can hold.<\/p>\n A quick bounce is unlikely imo. I\u2019d expect that, at best, a small consolidation in this area before any interesting move could be the case \u2013 unless if we break below it fast. https:\/\/t.co\/iWql8N6SW7<\/a> pic.twitter.com\/CIb1KpJt8i<\/a><\/p>\n \u2014 CrypNuevo (@CrypNuevo) June 5, 2025<\/a><\/p>\n\n The post Crypto Markets See Red as Trump-Musk Bromance Ends in Flames\u00a0\u00a0<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" 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 […]<\/p>\n","protected":false},"author":0,"featured_media":72081,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-72080","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/72080"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=72080"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/72080\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/72081"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=72080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=72080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=72080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Donald vs Elon<\/h2>\n
$1B in Liquidations<\/h2>\n