On June 5, a fiery feud erupted between US President Donald Trump and Tesla CEO Elon Musk on X, sending shockwaves through the markets. Bitcoin, that was trading at $105,501 (roughly Rs. 90.5 lakh) earlier this week, registered a fall of 2.20 percent in the last 24 hours. With this, Bitcoin’s price on international exchanges dropped to $102,790 (roughly Rs. 88.2 lakh) on Friday, June 6. On Indian exchanges, Bitcoin reflected losses close to three percent over the last day. Data by CoinDCX and CoinSwitch show BTC retailing at $104,652 (roughly Rs. 89.8 lakh) on Friday.
Once close allies, Trump and Musk exchanged explosive tweets in the late hours of June 5. Trump accused Musk of going “crazy” over the reversal of an EV-related mandate that, in his words, “forced everyone to buy electric cars”. Musk, meanwhile, fired back and claimed that Trump’s tariffs could spark a recession in late 2025, among other pointed criticisms of the 47th US President.
Ether joined Bitcoin in reflecting notable losses on the price charts on Friday. On international exchanges, ETH registered a loss of 6.59 percent in the last 24 hours, falling to the price point of $2,453 (roughly Rs. 2.10 lakh). On Indian exchanges, ETH logged up to six percent in losses to trade at $2,525 (roughly Rs. 2.16 lakh).
“Bitcoin and Ethereum are now trading below $103,000 (roughly Rs. 88.4 lakh) and $2,500 (roughly Rs. 2.14 lakh), respectively, with major altcoins like Solana also feeling the pressure. Broader financial markets are also under strain amid macro uncertainty and a risk-off environment. While this may feel unsettling, it’s not a time to panic. Instead, investors should focus on preserving capital and watching for signs of stabilisation,” Himanshu Maradiya, Founder and Chairman, CIFDAQ told Gadgets 360.
The crypto price tracker by Gadgets 360 showed the majority of cryptocurrencies settling in price dips.
These include Solana, Dogecoin, Cardano, Avalanche, Shiba Inu, and Leo.
Polkadot, Near Protocol, and Cronos also slipped in their values owing to the market pressure.
The overall crypto market tumbled by 2.70 percent over the last day, bringing the sector valuation to $3.21 trillion (roughly Rs. 2,75,04,635 crore), showed CoinMarketCap.
“Escalating tensions between Trump and Musk has significantly impacted market sentiment, leading to a broader sell-off in both the cryptocurrency and stock markets. This public dispute has led to a sharp decline in Tesla’s market capitalisation by $152 billion (roughly Rs. 13,02,921 crore) and a $100 million (roughly Rs. 857 crore) drop in the value of TrumpCoin,” Shivam Thakral, CEO of BuyUcoin, told Gadgets 360. “The market remains volatile, with investors closely monitoring the ongoing developments between Trump and Musk, as well as broader economic factors influencing market dynamics.”
Meanwhile, Tron, Monero, EOS Coin, Iota, and Braintrust managed to hold onto miniscule profits on the otherwise red price charts on Friday.
“Ethereum, XRP, and other top assets have also pulled back, reflecting broad investor caution. While short-term market moves are reactive to headlines, long-term fundamentals remain anchored by institutional demand and growing conviction in digital assets as part of diversified portfolios,” said Avinash Shekhar, Co-Founder and CEO, Pi42.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
