Crypto Market Today: Bitcoin slips below $101,000 as Trump–Musk clash shakes sentiment; Ethereum down 6%
ETMarkets.com
Synopsis
Bitcoin slipped below $101,000 amid macro uncertainty and Trump-Musk tensions, triggering a broader crypto sell-off. Altcoins and meme tokens tumbled, though institutional interest in Ethereum remains strong. Analysts see mixed signals, citing short-term volatility but long-term confidence due to rising network activity and weakening dollar.
By Navdeep Singh, ETMarkets.com
The cryptocurrency market saw a sharp pullback on Friday, with Bitcoin falling below the $101,000 mark amid rising macro uncertainty and high-profile tensions between Donald Trump and Elon Musk.
Bitcoin had touched an intraday low of $100,436 during early trading, with sentiment turning cautious across the board. The global cryptocurrency market cap declined 2% to $3.22 trillion.
Key altcoins extended losses, with Dogecoin dropping 7.5%, Solana falling 3.5%, and Cardano and Sui down 5.5% each. XRP declined 3%, BNB fell 4%, and Chainlink dropped 4.7%. Meme token Pepe was the biggest loser with a 7.3% slide.
“Bitcoin has experienced a notable decline, dipping below $101,000 amid escalating tensions between President Donald Trump and Tesla CEO Elon Musk,” said Shivam Thakral, CEO of BuyUcoin. “This public feud has negatively impacted investor sentiment, leading to a broader sell-off in both the crypto and equity markets.” He added that Tesla’s market cap dropped by $152 billion, while TrumpCoin saw a $100 million decline in value.
“Bulls have left the building, and red has taken over the stage,” said Avinash Shekhar, Co-Founder & CEO of Pi42. He noted that Bitcoin fell over 3.4% in the past 24 hours, erasing $84 billion in market cap and triggering over $230 million in crypto liquidations. Despite the volatility, Shekhar pointed to record open interest among institutional investors on the CME as a sign of long-term confidence.
According to Edul Patel, CEO of Mudrex, the pullback may be short-lived. “On-chain data shows strong bullish activity, with Bitcoin network activity surging to a record 556,830 new wallets in a single day,” he said. Patel also noted that the weakening U.S. dollar—now at a three-year low against the euro and pound—could improve Bitcoin’s appeal as a hedge.
Riya Sehgal, Research Analyst at Delta Exchange, said Bitcoin is currently forming a descending triangle, with crucial support at $100,388. “A breakdown below this level could lead to a fall toward $97,000–$95,000. On the upside, a breakout above $104,000 would shift short-term momentum,” she said.
Ethereum is trading below $2,500 after facing rejection at $2,650. Sehgal said support lies at $2,392, and if breached, could lead to further downside to $2,340. A close above $2,500 is required to improve sentiment.
Despite price weakness, institutional activity remains strong. BlackRock added 13,310 ETH on June 5, and Ethereum ETFs saw net inflows of $11.3 million. However, Bitcoin ETFs recorded $278 million in outflows, reflecting near-term caution.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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At 11:57 am IST, Bitcoin was down 1.5% at $102,987, while Ethereum tumbled 6% to $2,457, according to CoinMarketCap.Bitcoin had touched an intraday low of $100,436 during early trading, with sentiment turning cautious across the board. The global cryptocurrency market cap declined 2% to $3.22 trillion.
Key altcoins extended losses, with Dogecoin dropping 7.5%, Solana falling 3.5%, and Cardano and Sui down 5.5% each. XRP declined 3%, BNB fell 4%, and Chainlink dropped 4.7%. Meme token Pepe was the biggest loser with a 7.3% slide.
“Bitcoin has experienced a notable decline, dipping below $101,000 amid escalating tensions between President Donald Trump and Tesla CEO Elon Musk,” said Shivam Thakral, CEO of BuyUcoin. “This public feud has negatively impacted investor sentiment, leading to a broader sell-off in both the crypto and equity markets.” He added that Tesla’s market cap dropped by $152 billion, while TrumpCoin saw a $100 million decline in value.
“Bulls have left the building, and red has taken over the stage,” said Avinash Shekhar, Co-Founder & CEO of Pi42. He noted that Bitcoin fell over 3.4% in the past 24 hours, erasing $84 billion in market cap and triggering over $230 million in crypto liquidations. Despite the volatility, Shekhar pointed to record open interest among institutional investors on the CME as a sign of long-term confidence.
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According to Edul Patel, CEO of Mudrex, the pullback may be short-lived. “On-chain data shows strong bullish activity, with Bitcoin network activity surging to a record 556,830 new wallets in a single day,” he said. Patel also noted that the weakening U.S. dollar—now at a three-year low against the euro and pound—could improve Bitcoin’s appeal as a hedge.
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Riya Sehgal, Research Analyst at Delta Exchange, said Bitcoin is currently forming a descending triangle, with crucial support at $100,388. “A breakdown below this level could lead to a fall toward $97,000–$95,000. On the upside, a breakout above $104,000 would shift short-term momentum,” she said.
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Ethereum is trading below $2,500 after facing rejection at $2,650. Sehgal said support lies at $2,392, and if breached, could lead to further downside to $2,340. A close above $2,500 is required to improve sentiment.
Despite price weakness, institutional activity remains strong. BlackRock added 13,310 ETH on June 5, and Ethereum ETFs saw net inflows of $11.3 million. However, Bitcoin ETFs recorded $278 million in outflows, reflecting near-term caution.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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