Bitcoin drops by over $4,000 as Trump and Elon Musk feud publicly. As crypto dumps, the BTC Bull presale is soaring, raising over $6.8 million.
The public dispute between United States President Donald Trump and Elon Musk, a tech billionaire, was a surprise. No one expected the tech mogul to criticize the president publicly. The president’s response was enough to signal the market that things could go south quickly.
DISCOVER: 20+ Next Crypto to Explode in 2025
The Bitcoin and Crypto Sell-Off
As is well known, crypto and equities markets thrive on stability. When two pro-crypto leaders like Musk and Trump are at odds, stocks, and crypto assets, including some of the best Solana meme coins, quickly decline.
For this reason, and expectedly, Tesla stock prices crashed, but what dominated headlines was the Bitcoin flash drop from $105,000 to as low as $100,500 as of June 5.
The sell-off wiped out millions in leveraged longs. Specifically, exchanges liquidated over $345 million in BTC longs, and another $286 million in leveraged ETH longs were forcibly closed.
(Source)
At press time, over 220,000 traders had been liquidated in the past 24 hours, the largest being a $10 million BTCUSDT position on BitMEX.
Donald Trump and Elon Musk Feud
This meltdown of some of the best cryptos to buy stem from a policy disagreement driven by Donald Trump and Republicans regarding tax and spending.
Trump calls it the “big, beautiful bill,” which Musk has slammed, calling it a “$2.4 trillion disaster.” If passed, the bill would undermine the cost-cutting efforts made by DOGE, a department Musk recently stepped down from.
Trump fired back, claiming Musk opposed the bill because it would remove EV tax credits that had massively benefited Tesla over the years. He also accused Musk of suffering from “Trump Derangement Syndrome.” The president threatened to sever $22.5 billion in federal subsidies and contracts for Tesla and SpaceX.
Jesse Watters: “The media said that Musk was the co-president… The media said Trump was doing favors for Elon Musk. Well, if you look at this big, beautiful bill, there’s no favors for Elon Musk in it at all”
— Defiant L’s (@DefiantLs) June 5, 2025
In response, Musk claimed that without X and his influence, Trump would not have won the presidency. Surprisingly, Musk supported calls for Trump’s impeachment while alluding to connections to the Jeffrey Epstein saga, though without evidence.
President vs Elon. Who wins? My money's on Elon.
Trump should be impeached and JD Vance should replace him. pic.twitter.com/r0D4Gkiz4v
— Ian Miles Cheong (@stillgray) June 5, 2025
The showdown was exacerbated by weak economic data in the United States and trade wars that could slow the global economy.
Typically, Bitcoin and safe-haven assets thrive in such scenarios.
Will BTC Bull Pull a Surprise?
Accordingly, some investors believe now is the time to buy Bitcoin at a discount and gain exposure to promising tokens like BTC Bull.
BTC Bull aims to capitalize on viral meme culture to boost Bitcoin prices.
Holders of the BTCBULL token are betting on Bitcoin to recover from its current weakness and surge even to $1 million in the coming years.
Built on Ethereum, the project will reward BTCBULL holders when BTCUSDT closes above key price milestones.
For instance, the project will distribute free BTC when BTCUSDT hits $150,000. After every $50,000 increase from this price, additional BTC airdrops will occur until BTCUSDT reaches $1 million.
Additionally, BTCBULL is deflationary. Once BTC/USDT rises above $125,000, the first batch of BTCBULL tokens will be burned. After the first burn, more tokens will be removed from circulation after every $25,000 increase in BTCUSDT price.
Currently, the BTC Bull presale is ongoing, with over $6.8 million raised. The presale ends in 24 days before the token lists on top DEXes, including Uniswap.
You can buy BTCBULL now for $0.00255 and stake for a 60% APY.
DISCOVER: 15 Next Crypto to Explode in 2025: Expert Cryptocurrency Predictions & Analysis
Bitcoin Drops As Trump And Musk Feud, BTC Bull Soars
- Bitcoin price drops from as high as $105,000 to $101,000 before recovering
- Over $344 million in BTC longs liquidated by exchanges
- Trump and Musk feud trigger market sell-off, Tesla stocks crash
- BTC Bull presale raises over $6.8 million, BTCBULL staking yield at 60%
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