- Main event, leadership changes, market impact, financial shifts, or expert insights.
- Musk vs. Trump feud affects crypto market.
- Trump’s spending bill causes $200M in liquidations.
Elon Musk recently criticized U.S. President Donald Trump’s spending bill as “utterly insane and destructive,” leading to significant ripples in the crypto market. This took place across late June and early July 2025, drawing marked reactions.
Musk’s influential statements caused Bitcoin to fall by 1.27%, signifying his sway over the market. The broader crypto market declined 3.1%, illustrating heightened sensitivity to Musk’s remarks about Trump’s policies.
Elon Musk, CEO of Tesla and SpaceX, criticized Trump’s spending as destructive, stating, “It gives handouts to industries of the past.” Meanwhile, Trump responded by describing Musk as a wonderful guy.
It is obvious with the insane spending of this bill…that we live in a one-party country — the PORKY PIG PARTY!! Time for a new political party that actually cares about the people. — Elon Musk, CEO, Tesla/SpaceX/X
Musk’s prior comments have historically caused notable shifts in the market. His SNL appearance and Tesla’s Bitcoin reserve announcement are prime examples of how market sentiment swings following his actions.
Past instances show that influential figures like Musk impact the crypto sector significantly. Analysts suggest if similar tweets on major policy changes continue, market volatility will persist, impacting both small and large crypto assets.
