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Bitcoin over $105,000: Musk and Trump in a dispute over less!
Bitcoin rebounds in 2025 after selling pressure. Dispute between Trump and Musk affects markets. Increases in crypto currencies noticeable.
Bitcoin over $105,000: Musk and Trump in a dispute over less!
Bitcoin has recovered to over $105,000 after the cryptocurrency experienced a massive sell-off in recent days. This rebound follows a public dispute between US President Donald Trump and Elon Musk over the controversial tax and spending bill dubbed the "Big Beautiful Bill." BTC ECHO reports that the bill has the potential to add more than $3 trillion to the U.S. debt pile within a decade, increasing the federal deficit from nearly 7 percent to just under 8 percent of gross domestic product.
Elon Musk has made it clear that he disagrees with this law as it undermines the efforts of the Department of Government Efficiency (DOGE), which aims to increase government efficiency. He expressed: "I think a law can be great or beautiful, but I don't know if it can be both." Independent
Market development of cryptocurrencies
Amid these political disputes, other cryptocurrencies such as Ethereum, XRP and Solana are also showing signs of recovery, with gains of up to 3 percent in the last 24 hours. The biggest gainer during this time was Virtuals Protocol with an increase of 11 percent. Although SUI was able to gain around 9 percent, it is still struggling with the consequences of a hack that affected the network's largest DEX (Decentralized Exchange). Bitcoin dominance is currently over 64 percent.
Another issue affecting the markets is the hoaxes about a supposed Trump wallet that have sent World Liberty Financial into a frenzy. Ripple investors are betting on a possible price recovery for XRP.
Elon Musk and the government
Musk, who served as a special government employee for 130 days, is facing the fallout from tariffs implemented by Trump, which he says have negatively impacted his businesses. In an interview he said: “Tariffs always affect things a little.” Despite his appearance at the White House to end his time with DOGE, Musk plans to refocus his efforts on his companies. However, he would insist that DOGE remains in some form.
There have also been reports that Musk used drugs during the 2024 presidential campaign. He firmly rejects these allegations. During his time at DOGE, he reportedly only saved $175 billion, significantly missing the original target of $2 trillion.
Trump praised Musk and DOGE during his departure, highlighting the talent within the department and acknowledging the public dispute over the Big Beautiful Bill as one of the key challenges for both parties in the current political landscape.