Major cryptocurrencies declined sharply on Friday, with the total crypto market cap falling 3.77% to $3.18 trillion. Bitcoin BTC/USD maintained a 63.7% dominance, while Ethereum (CRYPTO: ETH) held a 9.2% market share.
| Cryptocurrency | Gains +/- | Price (Recorded at 11.00 p.m. ET) |
| Bitcoin | -2.78% | $102,148 |
| Ethereum | -7.18% | $2,435 |
| Dogecoin DOGE/USD | -9.14% | $0.1726 |
What Happened: The selloff coincided with an escalating public dispute between President Donald Trump and Tesla Inc. TSLA CEO Elon Musk that has rattled both traditional and digital asset markets.
Tesla shares plunged 14.3% on Thursday as Trump threatened to terminate billions in government contracts and subsidies for Musk’s companies, including Tesla and SpaceX.
The feud began when Musk criticized Trump’s spending bill as a “massive, outrageous, pork-filled Congressional abomination” on social media. Musk departed his role as senior adviser at the Department of Government Efficiency just days before the public confrontation escalated.
The Solana SOL/USD-based OFFICIAL TRUMP TRUMP/USD memecoin dropped 9.75% to $9.82 amid the political tensions. Trump posted an article on Truth Social on Thursday claiming his memecoin’s performance represents “the ultimate measure of his success as President.”
Massive liquidations swept crypto markets as 226,781 traders were liquidated in the past 24 hours, totaling $979.88 million in forced position closures. The liquidation wave suggests that overleveraged positions were squeezed as volatility spiked.
The CMC Crypto Fear and Greed Index registered 46, indicating neutral sentiment, down from 55 yesterday and 61 last week when markets showed greed.
Traditional markets showed mixed signals ahead of the May jobs report on Friday. U.S. stock futures stabilized on Thursday with S&P 500 Index Futures at 5,954.25, up 0.14%, Dow Jones Industrial Average Index Futures at 42,464.00, gaining 0.22%, and Nasdaq-100 Futures at 21,581.00, down 0.0058%.
Thursday’s regular session saw the Dow Jones Industrial Average tracked by SPDR Dow Jones Industrial Average ETF DIA close at 42,319.74, down 0.25%, the S&P 500 tracked by SPDR S&P 500 SPY at 5,939.30, declining 0.53%, and the Nasdaq-100 tracked by Invesco QQQ Trust QQQ at 21,547.43, dropping 0.80%.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 11.00 p.m. ET) |
| Fartcoin (FARTCOIN) | +13.98% | $1.04 |
| Tron (TRX) | +1.36% | $0.2764 |
| DeXe (DEXE) | +0.57% | $9.75 |
See Also: Bitcoin’s Moonshot: Can MicroStrategy And Coinbase Keep Riding The Crypto Wave?
Analyst Notes: Blockchain analytics firm Santiment reported three massive Bitcoin transactions on June 1st and 2nd that correlated with crypto’s local top when BTC attempted to bounce above $107,000.
The transfers included a $14.11 billion movement of 130,010 BTC, a $9.41 billion transfer of 78,647 BTC, and a $2.36 billion movement of 22,531 BTC. The $44.03 billion in total transaction volume indicated “a massive amount of polarization” among large holders.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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