Crypto Market Cap Sheds $200 Billion From Trump-Musk Feud on U.S. Spending Bill 💸
The cryptocurrency market experienced a significant downturn as its market cap shed $200 billion following a public feud between former President Donald Trump and Tesla CEO Elon Musk. The conflict arose after Musk criticized the recently passed U.S. spending bill, describing it as 'massive, outrageous, pork-filled' in posts on X.
In response, Trump retaliated with threats to cancel federal contracts with Musk’s businesses, including SpaceX, creating a ripple effect that impacted the markets. Additionally, shares of Tesla, Musk's company, fell by 14% amidst the controversy, further contributing to market volatility.
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