Bitcoin (BTC) is facing a potential breakdown of the $100,000 support line. The direct confrontation between former US President Donald Trump and Tesla CEO Elon Musk has led to policy uncertainty, negatively impacting the cryptocurrency market overall.
According to CoinMarketCap at 8 AM on the 6th, BTC is trading at $101,560.57, down 3.12% from the previous day. The decline in altcoins is even more significant. At the same time, Ethereum (ETH) dropped 6.66% to $2,433.37, XRP fell 4.84% to $2.100, and Solana (SOL) declined 5.75% to $144.68.
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The domestic market shows a similar trend. At the same time, BTC on Bithumb is down 1.99% to 141,894,000 won. ETH dropped 5.11% to 3,400,000 won, XRP fell 3.61% to 2,934 won, and SOL declined 3.54% to 201,900 won.
Musk claimed that the large-scale fiscal expenditure bill pushed by Trump nullifies the achievements of the 'Government Efficiency Department (Doge)' for government spending reduction, raising strong opposition. The conflict between the two sides is increasing uncertainty in the cryptocurrency market.
On the 3rd (local time), Musk posted on X (formerly Twitter), "This massive and absurd spending bill nullifies all the cost-saving efforts of the Doge team" and criticized the lawmakers who voted in favor. He shared a meme image parodying the 'Kill Bill' movie poster, clearly stating that 'One Big Beautiful Bill' must be stopped. After Musk's criticism, the cryptocurrency community even released a Solana-based meme coin 'Kill Big Beautiful Bill (KBBB)'.
In response, Trump strongly criticized Musk, saying he has fallen into 'Trump delusion' after stepping down as Doge leader. He countered that Musk's resistance is due to dissatisfaction with the reduction of electric vehicle tax credits and stated that he would review the federal subsidies and government contracts for Musk's companies.
According to cryptocurrency data provider Alternative.me, the Crypto Fear & Greed Index dropped 5 points to 57 points, indicating a state of 'fear'.
- Reporter Do Ye-ri
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