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Bitcoin sank and Tesla shares nosedived after Elon Musk claimed Donald Trump appears in the Epstein files, escalating a bitter feud with the US President
The crypto market slumped more than 2% on the news, with Bitcoin dropping to a 24-hour low of $100,436.89 before rebounding to $103,295.45, according to CoinMarketCap.
Time to drop the really big bomb:@realDonaldTrump is in the Epstein files. That is the real reason they have not been made public.
Have a nice day, DJT!
— Elon Musk (@elonmusk) June 5, 2025
BTC’s drop caught traders off guard, with $341.67 million in long positions wiped out in the past 24 hours, data from CoinGlass shows.
Meanwhile, Tesla stock plunged 14% as investors sold after Trump threatened to revoke government contracts for Musk companies.
Elon Musk Hits Back
Musk retaliated against the President’s threat, and said SpaceX will decommission its Dragon spacecraft “immediately.” He also called for Trump’s impeachment.
In light of the President’s statement about cancellation of my government contracts, @SpaceX will begin decommissioning its Dragon spacecraft immediately pic.twitter.com/NG9sijjkgW
— Elon Musk (@elonmusk) June 5, 2025
The feud between the two billionaires started after Musk denounced a sweeping tax cut and spending bill that will increase the US debt ceiling. The ”big, beautiful bill,” as Trump calls it, is a ”disgusting abomination,” according to Musk.
Musk sharply escalated the feud yesterday when he alleged that Trump is mentioned in the unreleased files of the late sex offender Jeffrey Epstein. Epstein died by suicide while awaiting trial on charges of sex trafficking.
White House press secretary Karoline Leavitt denounced the allegation, calling it ”an unfortunate episode from Elon, who is unhappy with the One Big Beautiful Bill because it does not include the policies he wanted.”
TRUMP Leads Meme Coin Market Slump With 10% Plunge
As Trump and Musk slugged it out on social media, the Official Trump (TRUMP) meme coin plunged 10% in the last 24 hours to make it the biggest loser among the top 20 meme coins.
Meme coin giants Dogecoin (DOGE) and Shiba Inu (SHIB) were unable to buck the bearish trend, with Elon Musk favorite DOGE slumping more than 6% and SHIB shedding over 3%.
The overall meme coin market shed 5% of its market capitalization during the same period.
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