Crypto Markets Slide as Trump-Musk Feud Sparks Selloff
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Cryptocurrency markets bled $170 billion in a single day, with total capitalization plunging to $3.26 trillion—the lowest level since early May. The selloff coincided with a spectacular collapse of the Trump-Musk alliance after the Tesla CEO publicly criticized presidential policies.
Market structure now teeters near critical support levels. While Asian trading hours saw a minor rebound to $3.3 trillion, technicians warn of cascading liquidations if key floors fail to hold. The downturn follows Musk's June 5th declaration that Trump's tariff policies WOULD 'cause a recession,' accompanied by threats to decommission SpaceX spacecraft in retaliation for canceled government contracts.
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