Bitcoin Faces Volatility Amid Musk-Trump Feud
Bitcoin experienced significant downward pressure, dropping to $103,754, as tensions between Elon Musk and former President Donald Trump escalated. The sell-off coincided with an 8% decline in Tesla shares, which further dragged the broader cryptocurrency market lower. Despite the market movement, there appears to be no fundamental catalyst behind the drop other than the high-profile clash between these two influential figures in the crypto space. Trump publicly criticized Musk for opposing a congressional proposal, adding fuel to the feud. This development highlights how macroeconomic and political factors can impact cryptocurrency markets, even in the absence of direct sector-specific news. As of August 12, 2025, investors are closely watching for further developments that could influence Bitcoin's price trajectory.
Musk-Trump Feud Sparks Crypto Market Volatility
Bitcoin faces downward pressure amid escalating tensions between Elon Musk and former President Donald Trump. The digital asset slid to $103,754 as Tesla shares tumbled 8%, dragging crypto markets lower. No fundamental catalyst explains the sell-off beyond the high-profile clash between two of crypto's most influential figures.
Trump publicly rebuked Musk for opposing a congressional proposal, claiming "I worked hard for him" during previous elections. The Tesla CEO countered that TRUMP "would have lost the election" without his support. Market observers speculate whether Musk's reported crypto holdings are being strategically deployed in this political battle.
The tech magnate's potential actions—whether liquidating Bitcoin positions or orchestrating opposition campaigns—could further destabilize markets. Tesla's stock decline accelerated to 9.2% during the dispute, compounding pressure on crypto assets historically correlated with the electric vehicle maker's performance.
California Proposes New Custody Rules for Dormant Crypto Holdings
California is advancing legislation that could redefine the handling of inactive cryptocurrency assets on centralized exchanges. The proposal, which passed the State Assembly unanimously, would classify idle crypto as unclaimed property after three years of inactivity—mirroring existing rules for dormant bank and brokerage accounts.
Unlike traditional assets, dormant crypto would remain in its original form under state custody, managed by licensed third parties instead of being liquidated into fiat. Policy advocates like Eric Peterson of the Satoshi Action Fund emphasize the measure aims to protect—not confiscate—assets, ensuring bitcoin holders reclaim their BTC intact.
The bill also clarifies legal status for crypto payments by residents and businesses. If enacted, the framework WOULD take effect in mid-2026, introducing licensing requirements for custodians handling digital assets.
Trader's $16M Bitcoin Bet Wiped Out in Market Volatility
James Wynn's aggressive crypto trading strategy backfired spectacularly as his $16.14 million Bitcoin long position was liquidated on Hyperliquid exchange. The trader narrowly avoided liquidation earlier by injecting $74,000 in USDC, raising his liquidation threshold to $103,859 - only to see BTC briefly recover then plunge below this level.
This marks Wynn's latest in a series of high-stakes losses, despite previous vows to abandon perpetual trading. On-chain data reveals the precise moment Bitcoin dipped to $103,740 on Hyperliquid, triggering the automatic liquidation before markets rebounded. The trader subsequently shifted focus to promoting Moonpig memecoin while alleging market manipulation.
Elon Musk's Clash with Trump Triggers Bitcoin Sell-Off
Bitcoin plunged to $101,500 after Elon Musk publicly accused former President Donald Trump of involvement in the Epstein files. The cryptocurrency had been trading at $102,584 before Trump's announcement to cut subsidies to Musk's companies. Market participants were caught off guard by the rapid sell-off.
The confrontation began when Trump declared he would withhold government incentives from Musk's ventures. Musk retaliated on social media, alleging Trump's connection to Jeffrey Epstein's unreleased documents. This high-profile feud between two of the world's most influential figures created immediate volatility across digital asset markets.
Earlier stability in crypto markets, following resolved tensions with China, was abruptly undone by the political spat. Traders quickly repositioned as the public dispute unfolded, with Bitcoin bearing the brunt of the sell pressure. The episode underscores cryptocurrency's growing sensitivity to macroeconomic and political developments.
Romania’s Postal Service Expands Financial Access with Bitcoin ATMs
Poșta Română has quietly entered the cryptocurrency market by installing its first Bitcoin ATM in Tulcea, partnering with local exchange Bitcoin Romania. The MOVE signals a strategic push to modernize financial infrastructure through blockchain technology.
Four additional cities—Alexandria, Piatra Neamț, Botoșani, and Nădlac—are next in line for deployments, targeting regions with limited banking access. The national postal service is positioning itself as a bridge between traditional finance and digital assets.
This initiative mirrors a growing trend of public institutions adopting crypto services to promote financial inclusion. By leveraging its extensive branch network, Poșta Română could accelerate mainstream Bitcoin adoption across Romania’s underserved communities.
GameStop's Q1 Earnings Preview: Crypto Strategy in Focus Amid Revenue Questions
GameStop Corp. approaches its Q1 2025 earnings release with shares trading NEAR $29.95, buoyed by positive technical signals. The TipRanks AI Analyst maintains a Neutral score of 65, projecting a $34 price target—a potential 13.5% upside. Market attention zeroes in on whether the company can sustain last quarter’s operating profit despite declining revenue, while its strategic pivot toward crypto and collectibles raises both interest and eyebrows.
The retailer’s late-May disclosure of a 4,710 Bitcoin purchase marks a bold diversification play. This move injects liquidity but also exposes the balance sheet to crypto volatility and regulatory uncertainty. Analysts remain cautiously neutral, awaiting clearer signals on how digital assets will integrate with GameStop’s Core business. Meanwhile, its trading card division continues to operate as a wildcard in the evolving strategy.
