Bitcoin price dipped below the key $107K level as the fight between billionaire Elon Musk and President Donald just got heated. Traders found the reason to support a drop in BTC price after it moved range-bound for many days.
Elon Musk continues to challenge Trump’s “Big Beautiful Bill” saying if the bill gets passed, he will establish or support creating a new political party in the United States.
On July 1, Musk pinned the result of a poll calling for a new political party on his social media platform X. The poll received over 80% support for a new political party.
On Monday, Musk ramped up his criticism, saying lawmakers who had campaigned on cutting spending but backed the bill “should hang their heads in shame!” He added, “And they will lose their primary next year if it is the last thing I do on this Earth.”
Today, Donald Trump posted on his Truth Social account that DOGE may look into cutting Elon Musk subsidies. He added that Musk knew about him being a strong critic of the EV mandate.
In response, Musk said to “CUT IT ALL. Now,” believing that the government must do everything to cut spending and not just continue to raise the debt ceiling.
Amid the renewed feud, Tesla stock price has dipped more than 10% in a week. TSLA stock closed 1.84% lower at $317.66 on Monday, falling 2% further to $311.19 after market hours as Musk took on Trump.
At the time of writing, Bitcoin price was trading 1.34% down at $106,834. The 24-hour low and high were $106,759 and $108,317, respectively. Traders must watch $106,100 closely as breaking the level could trigger huge liquidations.
Also Read: Senator Lummis Raises Voice For Bitcoin Miners: Stop Double Tax
