Over the past 24 hours, the crypto market dipped by 3.1%, and guess who’s the cause? That’s right, Elon Musk and Donald Trump are at it again, and the crypto world is feeling the heat.
So, what’s the drama? It all started when Musk slammed Trump’s “big, beautiful bill” on Twitter. Calling it a “debt slavery bill,” Musk didn’t hold back, criticizing every politician who promised to cut government spending and then voted for the largest debt increase in history.
How can you call yourself the Freedom Caucus if you vote for a DEBT SLAVERY bill with the biggest debt ceiling increase in history?@RepAndyHarrisMD @chiproytx
— Elon Musk (@elonmusk) June 30, 2025
In typical Musk fashion, he didn’t stop there. He took aim at the bill’s $5 trillion price tag and called out the political system, accusing it of being a “one-party country” and calling for the creation of a new political party, the “America Party.” Yeah, he’s serious.
It is obvious with the insane spending of this bill, which increases the debt ceiling by a record FIVE TRILLION DOLLARS that we live in a one-party country – the PORKY PIG PARTY!!
— Elon Musk (@elonmusk) June 30, 2025
Time for a new political party that actually cares about the people.
How the Feud is Impacting the Crypto Market
Trump didn’t take kindly to these attacks. In his response, he fired back, claiming Musk owes his success to government subsidies.
He suggested that without them, Musk would have to pack up and head back to South Africa, as his businesses would crumble. Oh, and he cheekily proposed that “perhaps we should have DOGE take a good, hard look at this?”
And here’s where the crypto market gets pulled into the mess. Five out of the top 10 coins saw losses in the past 24 hours, with Dogecoin (Musk’s fave) leading the charge. Bitcoin (BTC) and Ethereum (ETH) also took small hits. Could this be the beginning of a bigger downturn?
Now, it’s still early, but history suggests this feud could lead to even more chaos. Remember June 2025? That’s when the Musk-Trump spat caused the market to fall 5.1%, with nearly $1 billion in liquidations. If this drama escalates, buckle up, because the crypto market could take another hit. Let's just hope they keep their Twitter fingers in check!
Kristian Koch
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