Key Takeaways: A Trump family-linked entity, World Liberty Financial (WLFI), has issued a cease-and-desist to block the launch of a Trump-branded crypto wallet by Fight Fight Fight LLC. The wallet, promoted in partnership with NFT marketplace Magic Eden, was announced without the approval of the Trump Organization or WLFI. Donald Trump Jr. and other family members have publicly disavowed the project and reaffirmed support for WLFI’s forthcoming official crypto product. Tensions are rising inside Donald Trump’s growing crypto orbit as a Trump family-backed organization moves to block a crypto wallet launch tied to the former president’s name. According to a Bloomberg report published Thursday, World Liberty Financial (WLFI), a company linked to the Trump family, has sent a cease-and-desist letter to Fight Fight Fight LLC. The letter challenges the firm’s plans to launch a Trump-branded crypto wallet in partnership with NFT marketplace Magic Eden. Fight Fight Fight is the same company that helped launch the $TRUMP memecoin earlier this year. The firm is led by Bill Zanker, a longtime friend and promoter of Donald Trump. Zanker’s company also owns the website GetTrumpMemes.com, which promotes the TRUMP token. Trump Family Disavows $TRUMP Wallet Project as Legal Battle Erupts Over Crypto Branding The cease-and-desist comes after Fight Fight Fight and Magic Eden opened a waitlist for the Trump-branded wallet earlier this week. The project appeared to move forward without involvement from the Trump Organization or approval from WLFI. BREAKING NEWS: BLOOMBERG REPORTS TRUMP FAMILY-BACKED @WORLDLIBERTYFI SENT CEASE-AND-DESIST TO “FIGHT FIGHT FIGHT” TEAM BEHIND $TRUMP MEMECOIN Letter targets plan to launch “$TRUMP Wallet” with @MagicEden ; both named in the notice Source: @Bloomberg https://t.co/YtYKV2DVBX pic.twitter.com/oixIC3FrTz — Mario Nawfal’s Roundtable (@RoundtableSpace) June 5, 2025 Donald Trump Jr., who serves as a Web3 ambassador for WLFI, addressed the issue on social media on June 3. “The Trump Organization has zero involvement with this wallet,” he said, adding that WLFI is planning its own official launch “soon.” Magic Eden confirmed its collaboration with Fight Fight Fight and had verified the @TrumpWalletApp account on X. That account has since been deleted. A cease-and-desist was also sent to Magic Eden , according to the Bloomberg report. Magic Eden’s Trump wallet launch sparks backlash as the Trump family denies ties and warns against unauthorized branding. #TrumpWallet #MagicEden https://t.co/aYRjHDwUzB — Cryptonews.com (@cryptonews) June 4, 2025 Other members of the Trump family, including Eric and Barron Trump, also posted messages distancing themselves from the wallet project and reaffirming support for WLFI’s version. The dispute indicates deepening divisions within Trump’s expanding digital asset efforts. While WLFI is directly linked to the Trump family, Fight Fight Fight maintains control of the memecoin that bears his name. Despite the pushback, the TRUMP token has seen massive financial success. According to Chainalysis, the project has generated over $300 million in fees for its owners. Fight Fight Fight reportedly shares 80% of the token’s supply with CIC Digital LLC, another Trump-affiliated group. Zanker’s company takes its name from Trump’s “Fight, fight, fight” slogan, coined after his first assassination attempt. But now, it finds itself at odds with Trump’s own inner circle. The cease-and-desist letters add legal weight to an increasingly public split over who controls the Trump brand in crypto and how far each side is willing to go to claim it. $TRUMP Token Tanks $130M as Cease-and-Desist Sparks Market Chaos Minutes after the World Liberty Foundation issued a cease-and-desist to the creators of the Trump Wallet, the meme coin $TRUMP lost over $130 million in market cap. The token dropped 11% in 24 hours and is now trading at $9.61, with a total market cap of $1.92 billion, according to Coingecko. Trading volume, however, surged 129% to over $713 million, reflecting a sudden spike in activity following the news. JUST IN: Donald Trump's memecoin $TRUMP lost $130M in market cap in 5 minutes after receiving a cease and desist letter from @worldlibertyfi https://t.co/fVVtH63qnC pic.twitter.com/nBdKaM1rbG — BlockNews (@blocknewsdotcom) June 5, 2025 The Trump Wallet’s website claims the project is the “Official $TRUMP Wallet by President Trump,” and lists Magic Eden and GetTrumpMemes.com as launch partners. GetTrumpMemes.com is owned by Fight Fight Fight LLCa company linked to CIC Digital LLC, an entity affiliated with the Trump Organization. Together, the two firms reportedly hold a majority of the $TRUMP supply. Bill Zanker, who helped launch the TRUMP memecoin and several Trump-branded NFT collections, is listed in documents for Fight Fight Fight LLC and also holds a large stake in TRUMP tokens through CIC Digital. He’s currently working on a crypto-themed, Monopoly-style game. This isn’t the first time Trump-linked crypto ventures have stirred confusion. Last year, Trump Media and Technology Group initially denied reports it was raising capital to buy Bitcoin, only to later confirm a $2.5 billion raise for that exact purpose. https://twitter.com/cryptonews/status/1928565037028851943?s=46 World Liberty Financial, which called Trump its “chief crypto advocate,” recently announced plans for a dollar-backed stablecoin, USD1 , with BitGo as custodian. The project lists Trump’s sons and youngest son Barron as platform ambassadors. The post Trump-Backed World Liberty Foundation Sends Cease-and-Desist Over $TRUMP Wallet Plans appeared first on Cryptonews .
BitcoinWorld CME CEO Questions Cryptocurrency Use Case, Champions Stablecoin Potential In the rapidly evolving landscape of digital assets, opinions from leaders in traditional finance carry significant weight. Terry Duffy, the influential CEO of the Chicago Mercantile Exchange (CME), recently shared his perspective, offering a cautious view on the broader cryptocurrency space while highlighting a specific area he believes holds substantial promise: stablecoins. CME CEO’s View on Cryptocurrency Use Case Terry Duffy, at the helm of one of the world’s largest derivatives marketplaces, is no stranger to innovation in financial markets. However, when it comes to the general utility of cryptocurrencies beyond speculation, Duffy expressed reservations in a recent interview reported by BlockBeats. He stated that the ultimate use case for crypto has not yet been definitively established or confirmed. This perspective from a major player in traditional finance is noteworthy. While many proponents champion cryptocurrencies like Bitcoin and Ethereum for various applications – from digital gold and decentralized finance (DeFi) to smart contracts and NFTs – Duffy’s comment suggests that from a traditional market infrastructure standpoint, a clear, widespread, and enduring practical application for many cryptocurrencies remains elusive or unproven on a large scale. What might contribute to this perceived lack of clarity regarding the ultimate Cryptocurrency Use Case ? Several factors could be at play: Volatility: The significant price swings inherent in many cryptocurrencies make them challenging for everyday transactions or as a stable store of value for many traditional businesses and consumers. Scalability Issues: Some blockchain networks face limitations in processing high volumes of transactions quickly and cheaply, hindering widespread adoption for payments. Regulatory Uncertainty: The lack of clear, consistent global regulations creates a hesitant environment for large institutions and businesses to fully commit to integrating cryptocurrencies. Complexity: For the average person, understanding and securely using cryptocurrencies can be complex compared to traditional financial systems. Identifying Stablecoin Potential While expressing caution about the general cryptocurrency landscape, Duffy drew a clear distinction when discussing stablecoins. Specifically, he pointed to U.S. dollar-pegged stablecoins as having significant Stablecoin Potential . Unlike volatile cryptocurrencies, stablecoins are designed to maintain a stable value, typically pegged to a fiat currency like the U.S. dollar, or sometimes to commodities or algorithms. Duffy believes these digital assets can play a crucial role in reducing friction within the existing financial system. What kind of friction are we talking about? Think about the inefficiencies, delays, and costs associated with traditional cross-border payments, interbank transfers, or even certain types of domestic transactions. Stablecoins, leveraging blockchain technology, offer the possibility of: Faster settlement times, potentially near-instantaneous. Lower transaction fees, especially for international transfers. Increased transparency on a distributed ledger. 24/7 availability, unlike traditional banking hours. This potential to streamline financial processes is where Duffy sees a clear and valuable application for digital assets, particularly those designed for price stability. Why Banks and Stablecoins Are a Natural Fit? Perhaps one of the most forward-looking comments from the CME CEO was his assertion that banks should possess the capability to issue stablecoins. This aligns with a growing trend where traditional financial institutions are exploring or developing their own digital currency initiatives, often referred to as institutional stablecoins or wholesale central bank digital currencies (CBDCs). The idea of Banks and Stablecoins coexisting or with banks issuing them directly makes sense from several perspectives: Leveraging Existing Infrastructure & Trust: Banks already have the infrastructure, regulatory compliance frameworks, and customer trust necessary to issue and manage financial instruments reliably. Efficiency Gains: Banks could use stablecoins for more efficient interbank settlements, clearing, and potentially even retail payments, reducing operational costs and risks associated with legacy systems. Staying Relevant: As the financial world explores tokenization and digital assets, issuing stablecoins allows banks to remain central players in the evolving Digital Assets Future rather than being bypassed by new entrants. Enhanced Services: Banks could offer new services built on stablecoin rails, such as programmable payments or instant payroll. While the concept is compelling, the path for banks to widely issue stablecoins involves navigating complex regulatory hurdles, technological integration challenges, and ensuring interoperability with existing financial systems. The Broader Implications for the Digital Assets Future Terry Duffy’s comments underscore a key debate within the financial world: the distinction between speculative digital assets and utility-focused digital currencies. His view, coming from a leader in traditional derivatives markets which have listed Bitcoin and Ether futures, suggests that while there’s institutional interest in providing exposure to crypto volatility, the focus for practical, systemic integration might lean towards stable, regulated digital currencies. The emphasis on Stablecoin Potential and the role of Banks and Stablecoins highlights a potential path for digital assets to become more deeply embedded in mainstream finance. This isn’t necessarily about replacing fiat currency but creating a more efficient digital layer on top of it, facilitated by trusted financial institutions. What Does This Mean for You? Whether you are an investor, a business owner, or simply interested in the future of money, these insights offer valuable perspective: For Investors: Understand the difference between volatile cryptocurrencies and stablecoins. Duffy’s comments suggest that the long-term value proposition for different types of digital assets might vary significantly, influenced by their practical application and regulatory treatment. For Businesses: Explore how stablecoins could potentially improve payment processing, supply chain finance, or treasury management efficiency in the future, especially as banks become more involved. For Policymakers & Regulators: Duffy’s call for banks to issue stablecoins implicitly advocates for a regulatory framework that allows and governs such activities, ensuring stability and consumer protection. Conclusion: A Pragmatic View on Digital Assets Terry Duffy’s perspective from the CME offers a pragmatic, institution-focused view on the digital asset space. While acknowledging that the ultimate, widespread Cryptocurrency Use Case for many digital assets remains under development or unclear from his vantage point, he clearly identifies significant Stablecoin Potential . His vision of Banks and Stablecoins working together, with banks issuing these digital currencies, points towards a future where regulated, stable digital assets play a crucial role in enhancing the efficiency of the existing financial system. This focus on practical application and integration within established frameworks provides a compelling insight into how traditional finance leaders view the evolving Digital Assets Future . To learn more about the latest crypto market trends, explore our article on key developments shaping digital assets future institutional adoption. This post CME CEO Questions Cryptocurrency Use Case, Champions Stablecoin Potential first appeared on BitcoinWorld and is written by Editorial Team
SUI, one of the leading altcoins of this cycle, has recorded an impressive price recovery over the past two months. However, as the cryptocurrency fails to hold some key levels, some analysts warn of a potential drop below the $3.00 support. Related Reading: Ethereum Eyes 15% Move Amid Key Resistance Retest – Breakout Or Rejection Next? SUI Rally Risks Massive Price Drop Since hitting its four-month high of $4.29, SUI’s price has been moving sideways, hovering between $3.40-$4.00 throughout most of May. Amid last week’s market retrace, the altcoin recorded a 14.2% price drop, losing its range and hitting the $3.00 support over the weekend. At the start of this week, SUI saw a mild recovery alongside the rest of the market, surging to the $3.20 area. Nonetheless, the cryptocurrency has failed to hold this level over the past 24 hours and dropped to the $3.10-$3.15 area on Thursday morning. Crypto analyst Carl Runefelt warned that the cryptocurrency’s rally could be in danger as it risks breaking down of a descending triangle pattern. Per the post, the altcoin has been trading within this formation for the past month, also displaying a potential Head & Shoulders setup forming inside of the triangle, and the pattern’s baseline sitting around the $3.10 support. To the analyst, “if it breaks out of this triangle to the downside, then the fall can be very hard,” forecasting a nearly 35% retrace toward the $2.00 mark. On the contrary, a breakout to the upside could propel SUI’s price toward the $4.20 resistance. Analyst Crypto Bullet recently highlighted a “humongous” rising wedge pattern in the cryptocurrency’s chart, which eyes the $8-$10 area as the next major target. According to the chart, SUI has been moving within this pattern since early 2024, hovering between the upper and lower boundaries for over a year. Notably, the cryptocurrency hit the support trendline one more time during the April low, bouncing from this level. Based on this, the analyst considers that the current dip could be “the last opportunity to add to your bags before SUI makes a new ATH.” Can It Repeat Its Late 2024 Playbook? Analyst Rekt Capital noted that SUI was positioned for a bullish Monthly Candle Close in May, aiming to replicate its late 2024 performance. Last year, the cryptocurrency retested the $3.39 level and turned it into support, which acted as a springboard toward its January 2025 all-time high (ATH) of $5.35. This time, May closed below this crucial level, failing to confirm it as support and losing the recent price range. SUI is now “showcasing very early signs of upside wicking into said level to turn it into new resistance.” The analyst warned that June could see the cryptocurrency reject from this level “if things don’t change over the course of this month.” SUI is currently located inside the $2.33-$3.39 price range and is trying to position itself for a reclaim of the Range High to facilitate a breakout. However, it has unsuccessfully attempted to surge to that level, which could send the price toward lower levels if it “continues to float here without covering additional ground.” Related Reading: Bitcoin To Face ‘One Last Speed Bump’ Before Rally To $140,000 – Analyst Therefore, SUI risks dropping 10% toward the $2.81 mid-range area, which acted as support and weak resistance earlier this year, and falling 30% to the $2.33 range low if the previous level doesn’t hold. “If SUI fails to show signs of reclaiming $3.39 as support (at least on the Daily timeframe via Daily Closes above $3.39), then sub-$3 regions could be on the cards,” the analyst concluded. As of this writing, SUI trades at $3.08, a 2.3% decline in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
Circle, the issuer of the USDC stablecoin, made a highly anticipated entrance onto the public market on Thursday, with its stock (CRCL) skyrocketing as much as 200% during trading. The shares opened at approximately $69 and closed at $83.23, marking a remarkable 168% increase from the initial public offering (IPO) price of $31. The volatility was so pronounced that trading was halted multiple times throughout the day. Circle’s Market Cap Surpasses $16 Billion Following Stellar Debut By the end of the session, Circle’s market capitalization exceeded $16 billion, positioning the company as a major player in the cryptocurrency sector. The surge in stock value comes as Circle continues to assert itself as the second-largest stablecoin issuer, trailing only Tether, which boasts around $150 billion in circulation. Circle’s success is underpinned by its USDC stablecoin, which is dollar-backed and had approximately $60 billion in circulation at the end of the first quarter. The company reported a substantial revenue increase, totaling $578.6 million in the first three months of the year—a 58.5% rise compared to the previous year. Much of its revenue stems from “reserve income,” which includes earnings on cash held in banks or invested in Treasury bills . Additionally, Circle reported an adjusted Earnings Before Interest, Taxes, and Amortization (EBITA) of $122.4 million for the same quarter. CEO Hails Transformation Amid Cryptocurrency Revival The company previously attempted to go public via a special purpose acquisition company (SPAC) in 2021 but ultimately abandoned those plans a year later. Now, with the cryptocurrency markets experiencing a revitalization—partly fueled by the political landscape and rising Bitcoin prices—Circle’s IPO has arrived at a propitious time. CEO Jeremy Allaire celebrated the company’s milestone on social media, expressing pride in Circle’s transformation into a public entity. “Twelve years ago, we set out to build a company that could help remake the global economic system,” he stated, emphasizing the mission to enhance global prosperity through seamless value exchange. Allaire also highlighted the commitment to transparency, compliance, and governance, which align with the high standards set by the New York Stock Exchange and the US Securities and Exchange Commission (SEC). Allaire concluded by stating: To every single person, project and firm who’s been part of this journey, thank you. I am humbled and deeply grateful. This is not only a moment for each of us personally, I believe it’s a significant moment in the future development of our global economic system as it inexorably synthesizes with the internet. Despite Circle’s success, which is also a milestone for the broader cryptocurrency market, the digital asset market capitalization fell from $3.30 trillion to $3.12 trillion on Thursday. Bitcoin (BTC) and Ethereum (ETH), saw declines of 3% and 7% respectively, showcasing the current state of the market after a major uptrend over the past two weeks. Featured image from DALL-E, chart from TradingView.com
CMC Markets analyst Carlo Pruscino recently highlighted that the Federal Reserve is anticipated to maintain current interest rates this month. However, an unexpected rate reduction could potentially propel Bitcoin towards
The post Ross Ulbricht’s $31M Bitcoin Donation Linked to Alphabay appeared first on Coinpedia Fintech News Blockchain analytics firm Chainalysis reported that a crypto wallet linked to the defunct dark web marketplace Alphabay was behind a $31 million Bitcoin donation to Silk Road founder Ross Ulbricht. The 300 Bitcoin, donated earlier this month, likely came from a major Alphabay vendor with access to significant funds. Alphabay, active from 2014 to 2017, was a predecessor to Silk Road, showing continued ties within the dark web crypto ecosystem.
The post James Wynn: How A High-Risk Trader Lost His $100 Million Fortune appeared first on Coinpedia Fintech News James Wynn, a high-risk trader, has taken the crypto world by storm: from turning a few million dollars into a $100 million Bitcoin fortune in just a month, to losing it all in a single week. His wild ride in the world of perpetual contracts (perps) and his confessions about how he handled that success have left many stunned and curious. Let’s dive in and see what happened behind the scenes of James Wynn’s rollercoaster journey. From Meme Coins to Millions In a recent tweet post, James Wynn said that he wasn’t always trading big. Before diving into Bitcoin perps, he was better known for calling out meme coins, where he made headlines by calling out Pepe Coin when it was worth only $600,000. His bet on Pepe turned into a huge success story, earning him an impressive eight-figure profit. This early win gave him confidence and a reputation as a risk-taker in the crypto community. I started trading on perps in March, had never traded perps before, in-fact never really traded properly before, I’ve just traded meme coins. (Before I was known for calling pepe at 600k and making 8 figures). In one month I turned about $3m into $100m and then lost it all in… — James Wynn (@JamesWynnReal) June 6, 2025 In March, James took his trading game up a notch, shifting from meme coins to Bitcoin perpetuals. Surprisingly, in just one month, he turned a starting balance of around $3 million into a jaw-dropping $100 million . His success was widely visible thanks to blockchain tracking, and he quickly gathered hundreds of thousands of followers eager to watch his next move. When Hype Becomes a Trap As James Wynn’s fame grew, so did the pressure. He felt he had to prove himself after turning $3 million into $100 million. But instead of careful trading, he started gambling, trying to get back the money he lost. He didn’t see the huge numbers on the screen as real money anymore. On May 19, Wynn made a risky Bitcoin trade using 40x leverage, starting with 5,520 BTC. He later added more Bitcoin, ending up with over 9,300 BTC, worth over $1 billion. At one point, he was up by $10 million. But when the U.S. tariff news hit, prices dropped fast. Wynn lost $60 million in one day. Even though he still had $25 million from earlier, in just a week, all his $100 million gains were gone, lost on the HyperLiquid platform. Warning and a Wink Despite the pain of losing so much, Wynn hasn’t lost his sense of humor. He even joked about using his affiliate link for those still wanting to trade, but his story is a reminder of the risks and rewards that come with high-stakes trading.
The post Why is Crypto Market Crashing Today? appeared first on Coinpedia Fintech News The crypto market is crashing today as Elon Musk and President Donald Trump’s clash has taken a hard hit on the market. Tesla dropped 15%, Bitcoin keeps sliding, and altcoins are also dropping fast. The crypto market cap is down 4.8% in the last 24 hours and the U.S. stocks also dipped slightly amidst the chaos. Cryptocurrencies Take Big Hit Bitcoin was down over 4% to $100,500 earlier today, and is close to dropping below $100K for the first time in a month. It is currently trading at $102,995. Other coins like Solana and SUI took big hits, falling more than 7%. Ethereum dropped 7.25%, XRP was down 4.35%, and Solana lost 5.2%. However, they have slightly recovered at the time of writing. The TRUMP meme coin crashed 9.3% during the Musk-Trump fight. Crypto stocks like Coinbase also fell 4.6%, MicroStrategy dropped 2.4%, and miners like MARA, Riot, and Core Scientific also fell about 5%. $1 Billion in Crypto Liquidations Nearly $1 billion in crypto positions were liquidated in 24 hours, mostly from long bets. Bitcoin alone saw $341M in daily liquidations, while Spot Bitcoin ETFs saw $278M outflows as institutions pulled back. Data from Glassnode showed that many long-term Bitcoin holders started selling after BTC hit a record $111,970 in May, raising the chances of a short-term price drop. ETH futures also saw a 5.5% drop in open interest and $260M in long liquidations. The sudden sell-off shows investors are getting worried as bigger economic risks and U.S. politics shake the crypto market. Reports hint that the White House is even holding emergency talks to see how this might affect the economy. Politics Getting in the Way? With good news around rate cuts and rising institutional buys, politics is clouding the market mood. Bitcoin is hanging tough around $100K, but if long liquidations continue, it could drop to around $95,000–$98,000 before finding solid support. However, traders are confident that Bitcoin will hit $120,000 by the year-end. The strong corporate buying and low volatility have kept the optimism high, with a 69% chance on the Polymarket betting platform. Corporate investors now hold nearly 810,000 BTC worth $85 billion, almost double from last year. So, experts expect Bitcoin’s momentum to stay strong.
Data from Coinglass analytics showed that the crypto market saw a sharp decline following the public fallout between Elon Musk and Donald Trump. The firm revealed that 227,000 traders were liquidated in the past 24 hours, with total liquidations coming in at $983 million, of which long positions accounted for $892 million. According to the analytics platform, the largest single liquidation happened on Bitmex, with XBT/USD reaching $10 million. On-chain data also revealed that the Bybit cryptocurrency exchange was hit by a total of $353.81M, with over 90% accounting for longs at $333.94M. Market liquidates crypto traders amid decline 🚨BREAKING: Stocks + crypto plunge and uncertainty rattles markets as the feud between Trump and Elon Musk explodes into the public eye. Some Investors are bracing for more fallout. pic.twitter.com/QfkOjdeg62 — Armando Pantoja (@_TallGuyTycoon) June 5, 2025 On-chain data showed that over the past 24 hours, Bitcoin dropped more than 3% and is currently trading at $102,316. The largest cryptocurrency was also hit by a total of $339M liquidations in the past 24 hours, with long positions accounting for $308.11M. BTC recorded a 35.27% increase in trading volume in the last 24 hours to reach$58.88 billion. Ethereum also dropped by 7% in the last 24 hours, reaching $2,445. ETH followed with $284.76 liquidations during the same period, with long reaching $260M. The digital asset also saw a 46.21% surge in trading volume in the last 24 hours, recording $26.13 billion. Trump’s cryptocurrency, TRUMP, was also hit hard amid the feud with Musk, recording over $8.5M in liquidations in the last 24 hours. On-chain data showed that long liquidations accounted for $7.55M, with its price currently exchanging hands at $9.657, a nearly 11% drop in the same period. Solana plunged 3.10% to $147.44 following the news, with $50M liquidations in the last 24 hours, of which $46.98 long positions got liquidated. XRP also dropped by 3.09% in the past 24 hours, reaching $268. Data showed that XRP saw a total of $23.4M in liquidations during the same period, with only $22.72M accounting for long positions. At the time of publication, DOGE has slipped over 6.86% to $13.99, recording a total of $27.12M liquidations in the last 24 hours, of which $23.44M were long positions. FART coin has been resilient, showing a 19.28 surge in the last 24 hours to $1.0479 and having relatively equal long and short liquidations. Trump beefs with Musk as friendship implodes The girls are fighting 💅 Trump says he’s “very disappointed” in Elon Musk after the billionaire turned on his beloved GOP tax bill. The bromance is cracking. When even your biggest fanboy billionaire backs away from your fiscal fantasyland, you know the house of cards is… pic.twitter.com/8E5j6cjZVc — Brian Allen (@allenanalysis) June 5, 2025 An extraordinary social media feud erupted on Thursday, causing a deterioration in the once close relationship between the former allies over several hours. U.S. President Donald Trump and the world’s richest person, Elon Musk, hurled deeply personal insults over matters significant and insignificant. The President argued that it all started after he took away Elon’s EV Mandate, which forced everyone to buy electric cars that nobody else wanted. Trump noted that the easiest way to save money in the U.S. budget was to terminate Elon’s Governmental Subsidies and Contracts. “I’m very disappointed with Elon. He had no problem with it. All of a sudden, he had a problem, and he only developed the problem when he found out we’re going to cut the EV mandate.” -U.S. President Donald Trump. Trump said the bill was one of the greatest ever presented to Congress, with a record cut in expenses of $1.6 trillion. He says there will be a 68% tax increase if the legislation doesn’t pass. Musk called for Trump’s impeachment and mocked his connections to the convicted sex offender Jeffrey Epstein. Trump also claimed that Tesla’s mogul had gone “crazy” and threatened to cancel his multi-billion dollar federal contracts and tax subsidies for Musk’s companies. The tech billionaire had complained for weeks about the budget bill, using the nonpartisan Congressional Budget Office to estimate the legislation would add $2.4 trillion to the deficit over the next decade. Musk condemned the bill as a “disgusting abomination.” The SpaceX owner responded to Trump’s claims, accusing the President of lying about the bill and being ungrateful for the millions he spent to get elected. Musk argued that Trump would have lost the election without him, Democrats would have controlled the House, and the Republicans would have been 51-49 in the Senate. Trump acknowledged that Musk’s contributions did not affect his winning the battleground in Pennsylvania. He also posted on Truth Social that he had fired Musk from his role as a special adviser because he was “wearing thin” at the White House. The Tesla mogul retaliated, saying the reason the Trump administration had not released the files into Epstein was because they implicated the President. Musk also quote-tweeted a post calling for Trump to be removed from office and said his tariffs would cause a recession. Shares in Musk’s electric vehicle company, Tesla, dropped almost 15% on Thursday afternoon,n coinciding with when Trump’s remarks began. The tech billionaire’s rocket company, SpaceX, is not publicly traded, but competitors to the firm surged on the news. Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now
Bitcoin ETFs experienced significant net outflows totaling $278 million, underscoring a bearish shift following BTC’s drop below the critical $105,000 level. ARK 21Shares’ ARKB ETF led the outflows with $102