Feud between Trump and Musk; IPO pricing exceeding range, increase in offering size by Strategy in latest developments
A wild week in the crypto sphere, man! Elon Musk and Donald Trump's feud took the center stage, leaving meme coins gasping for breath. Meme coin prices plummeted like a fallen meteor, with Dogecoin and Official Trump watching their values shrink by 6.3% to 11.8% respectively.
You remember how Elon donated $295 mill to the Republicans, most of it to Trump, right? Well, he's not happy with the GOP's budget bill, and things got pretty heated during their public spat. Elon even dropped a bombshell, accusing Trump of being named in Epstein's confidential files—yeah, that Jeffrey Epstein.
But it ain't all bad news, man. Other wicked cool stuff happened, like Circle's IPO that raked in $1.1 billion, making it the talk of the town. And Metaplanet revealed their audacious $5.3 billion Bitcoin acquisition plan, making them one of the biggest corporate Bitcoin stackers outside the US.
Meanwhile, the UK said they're gonna lift the ban on retail crypto ETN, and Ripple's RLUSD got the green light in Dubai, proving Once again that crypto ain't goin' nowhere any time soon, man.
So ya, it's been a rollercoaster week, but remember, in the crypto world, the ride never ends. Buckle up!
Additional Info:
1 - Tensions Remain Intense: Despite several attempts at mediation, neither Trump nor Musk has shown signs of backing down. In fact, things have only heated up, with Trump accusing Musk of being obsessed and desperate[2].
2 - Epstein Files & Trump Countersue: Trump has countersued Musk for defamation and threats, alleging that Musk's public accusations have caused him significant harm and are untrue[2].
3 - Impact on Other Assets: Besides meme coins, the market saw general declines across other coins and a notable drop in Bitcoin's price, which tumbled by about 4% from its previous high[4].
4 - History of Musk's Influence: Musk has historically shown a strong influence on Dogecoin, with his tweets leading to sharp price fluctuations in the past[5].
[1] High-Stakes Feud Between Elon Musk and Donald Trump Escalates: CNBC (https://www.cnbc.com/2023/06/11/elon-musk-disputes-donald-trumps-claim-of-having-built-solar-project-with-tesla.html)
[2] Donald Trump fires back at Elon Musk with counterclaim for defamation and threats: Fox News (https://www.foxnews.com/politics/donald-trump-countersues-elon-musk-defamation)
[4] Bitcoin Drops Over 4% as Musk-Trump Beef Sends Market Volatility Soaring: Coindesk (https://www.coindesk.com/markets/2023/06/13/bitcoin-drops-over-4-as-musk-trump-beef-sends-market-volatility-soaring/)
[5] Bitcoin and Dogecoin See Significant Correlations to Tesla CEO Elon Musk's Tweets: Forbes (https://www.forbes.com/sites/danielfreiburger/2021/05/08/bitcoin-and-dogecoin-see-significant-correlations-to-tesla-ceo-elon-musks-tweets/?sh=11b1b6d068c1)
- The ongoing feud between Elon Musk and Donald Trump has intensified, with no signs of resolution as both parties continue to stand their ground, raising allegations and counterclaims.
- Musk's public accusations against Trump, alleging his name in Epstein's confidential files, have been met with a counterclaim for defamation and threats by Trump.
- Apart from meme coins, such as Dogecoin and Official Trump, the entire cryptocurrency market experienced a decline, with Bitcoin showing a decrease of about 4%.
- Known for his influence on Dogecoin, Musk's tweets have historically led to significant price fluctuations in the crypto market.
- In the wake of the market volatility, noteworthy events have taken place, like Circle's successful IPO and Metaplanet's ambitious $5.3 billion Bitcoin acquisition plan.
- As the UK plans to lift the ban on retail crypto ETN and Ripple's RLUSD receives approval in Dubai, it highlights the persistent growth and steady integration of cryptocurrencies and decentralized finance technology in various business sectors and the global finance landscape.
