Crypto market today: Bitcoin dips below $101,000 amid Trump-Musk fallout; Ethereum tumbled over 6%

NEW DELHI: Bitcoin slipped further on Friday, falling below the $101,000 mark and extending its weekly loss to over 4%. The top cryptocurrency was down 1.5% at $102,987, while Ethereum plunged 6% to $2,457 during the intra-day trading session, according to CoinMarketCap.The sell-off follows rising tensions between US President Donald Trump and Tesla CEO Elon Musk over the controversial “One Big Beautiful Bill Act,” which slashes EV subsidies and increases the US deficit, moves that directly impact Musk.The fallout also weighed on Tesla shares, which tumbled over 14%, and dented investor sentiment across crypto markets.The global crypto market cap also declined 2% to $3.22 trillion, as other major tokens followed suit.

Dogecoin dropped 7.5%, Solana fell 3.5%, Cardano and Sui were down 5.5%, XRP slipped 3%, BNB shed 4%, and Chainlink declined 4.7%. Meme coin Pepe was the day’s biggest loser, down 7.3%.Bitcoin had hit an all-time high of $111,970 on May 22 but has since retraced significantly. Despite the decline, markets remain optimistic that the US Federal Reserve will hold interest rates steady at its June 18 policy meeting, with reports showing a 90% probability of no hike.