Crypto Market Takes a Hit Following Trump-Musk Feud Over US Spending Bill

The cryptocurrency market experienced a significant drop of over $200 billion following a public spat between former President Donald Trump and tech entrepreneur Elon Musk regarding the recently passed U.S. spending bill. Bitcoin dropped by more than 6%, triggering billions in liquidations across various exchanges, while Tesla stock suffered losses of approximately 14% on Thursday after Musk’s scathing criticism of the legislation on social media platform X. The ensuing controversy led to a volatile trading day for both tech and crypto markets.