Weekly Crypto Summary: Trump-Musk Disagreement, Bitcoin Price Fluctuations, and ECB's New Action
Weekends are usually laid-back, but this one started off with a bang, thanks to the soap opera unfolding at the highest levels in the US. You guess it – the drama between the US President and his close buddy got everyone's attention, and not just the popcorn enthusiasts. Of course, it didn't just impact our TV screens. The crypto markets also took a hit.
Let's roll back the clock a bit. Last Friday, Bitcoin was as calm as a herselfie-taking influencer, chilling at about $104K. For 72 hours, it just sat there, soaking up the sun. But when the new week began, it was ready to move and shake. However, it couldn't quite make it past $106.5K, with the odd halt here and there. Even after the European Central Bank announced an eighth interest rate cut, taking the metric down to 2% - its lowest in over two years, BTC could only manage to get to $106K.
But then the fun started. The dump began, and before you knew it, BTC was down at a multi-week low of $100.4K. And who do we have to blame for this substantial correction? The Musk-Trump drama, of course! These two heavyweights swung their verbal swords on their respective social media platforms. Some of the best zingers included Musk claiming Trump was in the Epstein files, and the President threatening to pull back government contracts. More recently, Trump denied rumors of a phone call showdown, and even whispers of him selling his Tesla EV came to light[1].
But wait, there's more! Despite this ongoing saga, Bitcoin managed to recover some ground and is now trading at around $104K. While Bitcoin took a hit, losing 1.7% on a weekly scale, others like DOGE (-12.5%), SIU (-8.5%), LINK (-8.5%), and AVAX (-10%) had it rough[1]. Call it the ripple effect of the Musk-Trump tension.
If you're into market updates, this is all you need to stay in the crypto game. Don't miss out on the action, sign up for this daily recap, absolutely free of charge.
Market Data
- Market Cap: $3.365T
- 24H Vol: $145B
- BTC Dominance: 61.4%
- BTC: $103,860 (-1.7%)
- ETH: $2,471 (-4.7%)
- XRP: $2.16 (-1.2%)
This Week's Crypto Headlines You Can't Miss
'Hodl' Tight, but 22,500 BTC Quietly Skipped Town.
Even though Bitcoin's price didn't react, there's one thing worth noting: 22,500 BTC have left exchanges and are now callin' their self-custodial devices home[1][2]. This move reduces the pressure on sellers.
'Buy the Dip' According to On-Chain Data.
Despite Bitcoin's tumble down to $100.5K this week, an important on-chain metric, the Bitcoin Hash Ribbons Indicator, is flashing a signal to buy the dip[1][2].
Europe's Interest Rate Cuts: How Much Did Bitcoin React? While the US Federal Reserve is sitting pretty with local interest rates frozen in 2025, the European Central Bank went in the opposite direction. They outdid themselves by dropping rates in the Eurozone to 2%, a two-year low. And how did Bitcoin respond? It got a quick boost before taking a nosedive[1].
Robinhood is Serious about Crypto with Bitstamp Takeover. The crypto world just got a bit fiercer as Robinhood tightened its grip on the European market by acquiring Bitstamp, the world's oldest still functioning digital asset exchange. The deal was worth $200 million[1].
Got Profit? Bitcoin's Realized Profits are Sky-High!. With Bitcoin falling further away from its latest all-time high registered a couple of weeks ago on Bitcoin Pizza Day, reports have emerged of an astronomical rise in profit-taking after the price surge[1].
Strategy Plans IPO to Buy More Bitcoin. The world's largest corporate holder of bitcoin, who made a relatively modest acquisition this week, announced IPO plans for 2.5 million shares ($100 per stock) to raise more capital for further BTC purchases. Later on, the company raised its target from $250 million to $1 billion[1].
Bybit and Binance Exclusive Offers Limited-time offer for our website readers at Bybit: Sign up using this link to get a $500 free position on any coin!
Cryptocurrency charts Facebook Twitter LinkedIn Telegram
- Amidst the Musk-Trump drama, crypto markets were influenced as well, with Bitcoin trading at $103,860 (-1.7%) while other coins like DOGE, SIU, LINK, and AVAX experienced steeper drops.
- On-chain data suggests a 'buy the dip' opportunity, as the Bitcoin Hash Ribbons Indicator signals a potential recovery despite this week's tumble in Bitcoin's price.
- Robinhood strengthened its crypto presence in Europe with the acquisition of Bitstamp, the world's oldest still functioning digital asset exchange, for $200 million.
