Bitcoin Volatility Amid Trump-Musk Feud

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Published time: 6/8/2025, 8:00:11 AM (Asia/Tokyo)

📢 Important News

• Bitcoin has shown notable volatility amid a feud between Trump and Musk, dropping to a one-month low before rebounding to $104,224. Analysts suggest a potential breakout toward new highs, with key support levels being closely monitored.
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• Alpha Asset Management faces losses of 15.8 billion KRW due to declining Wemade shares and the delisting of its virtual currency, Wemix, following a hacking incident. An emergency briefing is planned to address these financial challenges.
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• El Salvador has increased its Bitcoin holdings by 7 BTC, totaling 6,199.18 BTC valued at around $651 million, demonstrating its commitment to cryptocurrency adoption.
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• Eric Trump announced a partnership with the meme coin project TRUMP, which briefly boosted its price by 6.4%. However, the price retraced, raising skepticism about the endorsement's effectiveness.
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📊 Market

• MASK's price dropped to $1.735, a 52.85% decrease, with total liquidations reaching $9.35 million. In contrast, Bit Digital, Inc clarified its non-association with any Meme coin projects, urging community vigilance.
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• Upbit's trading volume hit $1.347 billion in 24 hours, with MASK/KRW making up 17.04%. Meanwhile, CryptoQuant analyst Axel noted a long-term bullish trend requiring a close above $104,800 for short-term momentum.
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• Bitcoin faces a potential liquidation intensity of $1.14 billion if it surpasses $106,000, while dropping below $103,000 could lead to $1.39 billion in liquidations, highlighting significant market liquidity impacts.
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⚖️ Policy & Regulation

• On June 7, Canadian PM Carney urged for the 'Canadian Economic Integration Act' to expedite infrastructure approvals and reduce trade barriers, aiming to cut project approval times from five years to two, while addressing U.S. tariffs on Canada.
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• Hong Kong's Chief Executive John Lee announced a HK$3 billion AI funding program to boost the local AI industry and transform traditional sectors, alongside a HK$10 billion fund to attract investment in AI and robotics.
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